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Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model – A Corrigendum

Fabrizio Panebianco, Anja Prummer and Jan-Peter Siedlarek
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Fabrizio Panebianco: Bocconi University and IGIER

No 840, Working Papers from Queen Mary University of London, School of Economics and Finance

Abstract: We highlight that convergence in repeated averaging models commonly used to study cultural traits or opinion dynamics is not equivalent to convergence in Markov chain settings if transition matrices are time-varying. We then establish a new proof for the convergence of cultural traits in the model of Panebianco (2014) correcting the existing proof. The new proof provides novel insights on the long-run outcomes for inessential individuals. We close with a discussion of conditions for convergence in repeated averaging models with time-varying transition matrices.

Keywords: Cultural transmission; Continuous cultural traits; Social networks; Opinion dynamics (search for similar items in EconPapers)
JEL-codes: D83 D85 Z13 (search for similar items in EconPapers)
Date: 2017-11-24
New Economics Papers: this item is included in nep-cul and nep-evo
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Working Paper: Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model--A Corrigendum (2017) Downloads
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