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A Note on Best Response Dynamics

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Abstract

We investigate the relationship between the continuous time best response dynamic, its perturbed version and evolutionary dynamics in relation to mixed strategy equilibria. We find that as the level of noise approaches zero, the perturbed best response dynamic has the same quantitative properties as a broad class of evolutionary dynamics. That is, stability properties of equilibria are robust across learning dynamics of quite different origins and motivations.

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  • Ed Hopkins, 1997. "A Note on Best Response Dynamics," Edinburgh School of Economics Discussion Paper Series 3, Edinburgh School of Economics, University of Edinburgh.
    • Handle: RePEc:edn:esedps:3
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    1. Fudenberg Drew & Kreps David M., 1993. "Learning Mixed Equilibria," Games and Economic Behavior, Elsevier, vol. 5(3), pages 320-367, July.
    2. Ed Hopkins & Robert M. Seymour, "undated". "Price Dispersion: an Evolutionary Approach," ELSE working papers 043, ESRC Centre on Economics Learning and Social Evolution.
    3. Hopkins, Ed, 1999. "Learning, Matching, and Aggregation," Games and Economic Behavior, Elsevier, vol. 26(1), pages 79-110, January.
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    More about this item

    Keywords

    games; learning; evolution; mixed strategies;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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