Experimentation, imitation, and stochastic stability: Addendum
D Gale, RW Rosenthal - Journal of Economic Theory, 2001 - Elsevier
Results from D. Gale and RW Rosenthal [J. Econ. Theory84 (1999), 1–40] are extended to
characterize convergence properties of the model for (almost) every set of parameters. In
particular, there is a sharp delineation between the parameter region in which the process of
experimentation and imitation converges almost surely to the equilibrium and another region
in which the process is only weakly convergent (unstable in the small but not too unstable).
Journal of Economic Literature. Classification Number: D83.
characterize convergence properties of the model for (almost) every set of parameters. In
particular, there is a sharp delineation between the parameter region in which the process of
experimentation and imitation converges almost surely to the equilibrium and another region
in which the process is only weakly convergent (unstable in the small but not too unstable).
Journal of Economic Literature. Classification Number: D83.
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