The Evolution of conventions with Mobile Players

Tone Dieckmann ()

Economics Department Working Paper Series from Department of Economics, National University of Ireland - Maynooth

Abstract: This paper analyzes the evolution of conventions in a society with local interaction and mobile players. Three innovative aspects are introduced: Imperfect observability of play outside a player's home location, friction in the strategy adjustment process, and restriced mobility. It is shown that, if mobility is unrestriced, only efficient conventions are stochastichally stable. If there are barriers on mobility, the coexistence of different conventions can be observed. While imperfect observability and friction alone cannot revent society from reaching an overall efficient outcome, restricted mobility can.

Keywords: information; political aspects (search for similar items in EconPapers)
JEL-codes: C72 D82 (search for similar items in EconPapers)
Date: 1997-08
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:may:mayecw:n720897

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