Imitation and Local Interactions: Long Run Equilibrium Selection
In this paper, we analyze the long run dynamics of a multi-agent game played on a one-dimensional lattice with periodic boundary conditions, i.e., a ring. Agents repeatedly play a 2 × 2 coordination game with neighbors where the payoff dominant action and the risk dominant action are distinct. Neces...
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| Format: | Article |
| Language: | English |
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MDPI AG
2021-04-01
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| Series: | Games |
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| Online Access: | https://www.mdpi.com/2073-4336/12/2/30 |
| Summary: | In this paper, we analyze the long run dynamics of a multi-agent game played on a one-dimensional lattice with periodic boundary conditions, i.e., a ring. Agents repeatedly play a 2 × 2 coordination game with neighbors where the payoff dominant action and the risk dominant action are distinct. Necessary and sufficient conditions for both the actions to be the unique long run equilibrium are provided. The result is obtained through the application of the radius and modified coradius technique. |
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| ISSN: | 2073-4336 |