This paper characterizes long-run outcomes for broad classes of symmetric games, when players select actions on the basis of average historical performance. Received wisdom is that when agent’s interests are partially ...
Consider the set of probability measures on a product space with the property that all have the same marginal distributions on the coordinate spaces. This set may be viewed as a correspondence, when the marginal distributions ...
This paper develops a dynamic evolutionary model in which agents make choices on the basis of relative performance criteria. We distinguish two classes of learned behavior: imitative dynamics and a new class of dynamics, ...
In this paper we develop a model of strategic behaviour in continuous time
games of complete information, which includes conventional repeated games
in discrete time as a special case. The model developed here admits a ...
We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. To characterize the intertemporal evolution
of the distribution of ...
We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. Each period, each firm, given the aggregate demand shock, the productivity ...
In this paper we present a general framework for the discussion of renegotiation in repeated games, provide a new concept of "renegotiation-proof" equilibrium, and show how the framework clarifies and unifies existing work. ...
In this paper we consider Anonymous Sequential Games with Aggregate Uncertainty. We prove existence of equilibrium when there is a general state space representing aggregate uncertainty. when the economy is stationary and ...