Imitation, local interaction, and efficiency: reappraisal

Hsiao-Chi Chen (), Yunshyong Chow () and Li-Chau Wu ()
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Hsiao-Chi Chen: National Taipei University
Yunshyong Chow: Institute of Mathematics, Academia Sinica
Li-Chau Wu: Department of Mathematics, National Taitung University

Economics Bulletin, 2012, vol. 32, issue 1, 675-684

Abstract: We revisit the model of Alos-Ferrer and Weidenholzer (2006) but under the assumption that risk-dominant equilibria are Pareto efficient. It is found that risk-dominant equilibria, non-risk-dominant equilibria, and some non-monomorphic states can emerge in the long run when players interact with their immediate neighbors only.

Keywords: Coordination game; imitation; local interaction (search for similar items in EconPapers)
JEL-codes: C7 D0 (search for similar items in EconPapers)
Date: 2012-02-20
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Citations: View citations in EconPapers (3)

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