Selection Dynamics, Asymptotic Stability, and Adaptive Behavior

John van Huyck, Joseph P Cook and Raymond Battalio

Journal of Political Economy, 1994, vol. 102, issue 5, 975-1005

Abstract: Selection dynamics are often used to distinguish stable and unstable equilibria. This is particularly useful when multiple equilibria prevent a priori comparative static analysis. This paper reports an experiment designed to compare the accuracy of the myopic best-response dynamic and an inertial selection dynamic. The inertial selection dynamic makes more accurate predictions about the observed mutual best-response outcomes. Copyright 1994 by University of Chicago Press.

Date: 1994
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