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Waiting Times and Equilibrium Selection

Author

Listed:
  • Alan Beggs

Abstract

This paper shows how graphs can be used to calculate expected waiting times in models of equilibrium selection. It also shows how reducing the state space can simplify the calculations both of waiting times and selected equilibria. The results are applied to potential games and games with strategic complementarities.

Suggested Citation

  • Alan Beggs, 2003. "Waiting Times and Equilibrium Selection," Economics Series Working Papers 142, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:142
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    Cited by:

    1. Alós-Ferrer, Carlos & Netzer, Nick, 2010. "The logit-response dynamics," Games and Economic Behavior, Elsevier, vol. 68(2), pages 413-427, March.
    2. Newton, Jonathan, 2015. "Stochastic stability on general state spaces," Journal of Mathematical Economics, Elsevier, vol. 58(C), pages 46-60.
    3. repec:syd:wpaper:2123/9993 is not listed on IDEAS
    4. Beggs, A.W., 2007. "Large deviations and equilibrium selection in large populations," Journal of Economic Theory, Elsevier, vol. 132(1), pages 383-410, January.
    5. Carlos Alós-Ferrer & Nick Netzer, 2015. "Robust stochastic stability," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 58(1), pages 31-57, January.
    6. Mathias Staudigl, 2010. "On a General class of stochastic co-evolutionary dynamics," Vienna Economics Papers vie1001, University of Vienna, Department of Economics.
    7. Shota Fujishima, 2015. "The emergence of cooperation through leadership," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(1), pages 17-36, February.
    8. Hwang, Sung-Ha & Lim, Wooyoung & Neary, Philip & Newton, Jonathan, 2018. "Conventional contracts, intentional behavior and logit choice: Equality without symmetry," Games and Economic Behavior, Elsevier, vol. 110(C), pages 273-294.
    9. Katsuhiko Aiba, 2015. "Waiting times in evolutionary dynamics with time-decreasing noise," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(2), pages 499-514, May.
    10. Cui, Zhiwei & Zhai, Jian, 2010. "Escape dynamics and equilibria selection by iterative cycle decomposition," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 1015-1029, November.
    11. Marden, Jason R. & Shamma, Jeff S., 2012. "Revisiting log-linear learning: Asynchrony, completeness and payoff-based implementation," Games and Economic Behavior, Elsevier, vol. 75(2), pages 788-808.
    12. Mathias Staudigl, 2010. "On a General class of stochastic co-evolutionary dynamics," Vienna Economics Papers 1001, University of Vienna, Department of Economics.
    13. Kevin Hasker, 2014. "The Emergent Seed: A Representation Theorem for Models of Stochastic Evolution and two formulas for Waiting Time," Levine's Working Paper Archive 786969000000000954, David K. Levine.

    More about this item

    Keywords

    waiting times; equilibruim selection; graphs;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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