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Efficient Equilibrium Selection in Evolutionary Games with Random Matching

Robson, Arthur J and Vega-Redondo, Fernando (1996) 'Efficient Equilibrium Selection in Evolutionary Games with Random Matching.' Journal of Economic Theory, 70 (1). pp. 65-92. ISSN 0022-0531

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Abstract

This paper investigates the sensitivity of recent evolutionary models of learning to the specification of the matching mechanism. We study a literally random matching mechanism, combined with a process of strategy adjustment based on the realized average performance of each strategy. In the key class of symmetric 2×2 coordination games, the Pareto-efficient equilibrium, per se, is selected, rather than the risk-dominant equilibrium, as the probability of experimentation (or “mutation”) goes to zero. Furthermore, convergence to the equilibrium is relatively fast. We extend these results, for example, to games of common interest.

Item Type: Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 06 Jan 2013 09:07
Last Modified: 06 Jan 2013 09:07
URI: http://repository.essex.ac.uk/id/eprint/4955

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