We explore a synaptic plasticity model that incorporates recent findings th
at potentiation and depression can be induced by precisely timed pairs of s
ynaptic events and postsynaptic spikes. In addition we include the observat
ion that strong synapses undergo relatively less potentiation than weak syn
apses, whereas depression is independent of synaptic strength. After random
stimulation, the synaptic weights reach an equilibrium distribution which
is stable, unimodal, and has positive skew. This weight distribution compar
es favorably to the distributions of quantal amplitudes and of receptor num
ber observed experimentally in central neurons and contrasts to the distrib
ution found in plasticity models without size-dependent potentiation. Also
in contrast to those models, which show strong competition between the syna
pses, stable plasticity is achieved with little competition. Instead, compe
tition can be introduced by including a separate mechanism that scales syna
ptic strengths multiplicatively as a function of postsynaptic activity. In
this model, synaptic weights change in proportion to how correlated they ar
e with other inputs onto the same postsynaptic neuron. These results indica
te that stable correlation-based plasticity can be achieved without introdu
cing competition, suggesting that plasticity and competition need not coexi
st in all circuits or at all developmental stages.