SELECTION DYNAMICS, ASYMPTOTIC STABILITY, AND ADAPTIVE-BEHAVIOR

Authors
VANHUYCK JB COOK JP BATTALIO RC
Citation
Jb. Vanhuyck et al., SELECTION DYNAMICS, ASYMPTOTIC STABILITY, AND ADAPTIVE-BEHAVIOR, Journal of political economy, 102(5), 1994, pp. 975-1005
Citations number
23
Categorie Soggetti
Economics
Journal title
Journal of political economy → ACNP
ISSN journal
00223808
Volume
102
Issue
5
Year of publication
1994
Pages
975 - 1005
Database
ISI
SICI code
0022-3808(1994)102:5<975:SDASAA>2.0.ZU;2-H
Abstract
Selection dynamics are often used to distinguish stable and unstable e quilibria. This is particularly useful when multiple equilibria preven t a priori comparative static analysis. This paper reports an experime nt designed to compare the accuracy of the myopic best-response dynami c and an inertial selection dynamic. The inertial selection dynamic ma kes more accurate predictions about the observed mutual best-response outcomes.