The Dynamics of Trustworthiness Among the Few

Sandra Güth, Werner Güth () and Hartmut Kliemt

The Japanese Economic Review, 2002, vol. 53, issue 4, 369-388

Abstract: Conventional stochastic models of evolutionary processes with infinitely many agents are deterministic models in disguise. Only finite population models become truly stochastic. Therefore this paper focuses on an indirect evolutionary model of pair wise interaction in a pool of three (corresponding to analysing oligopolies in terms of duopoly markets). The outcomes of the process over the long haul are characterized by the stationary distribution of the underlying Markov process. Our example indicates that intermediate cases cannot be seen as convex combinations of the two polar non‐stochastic cases of two or infinitely many individuals. JEL Classification Numbers: C72, C73.

Date: 2002
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://doi.org/10.1111/1468-5876.00234

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:jecrev:v:53:y:2002:i:4:p:369-388

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1352-4739

Access Statistics for this article

The Japanese Economic Review is currently edited by Akira Okada

More articles in The Japanese Economic Review from Japanese Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().