The evolution of conventions with mobile players

This paper analyzes the evolution of conventions in a society with local interaction and mobile players. Three innovative aspects are introduced: Imperfect observability of play outside a player's home location, friction in the strategy adjustment process, and restricted mobility. It is shown t...

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Bibliographic Details
Published in:Journal of economic behavior & organization 1999, Vol.38 (1), p.93-111
Main Author: Dieckmann, Tone
Format: Article
Language:English
Subjects:
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Conventions
Economic models
Equilibrium
Evolution of conventions
Game theory
Games
Imperfect observability
Interactionism
Mobility
Networks
Organizational behavior
Social conditions & trends
Stochastic models
Stochastic processes
Studies
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Summary:This paper analyzes the evolution of conventions in a society with local interaction and mobile players. Three innovative aspects are introduced: Imperfect observability of play outside a player's home location, friction in the strategy adjustment process, and restricted mobility. It is shown that, if mobility is unrestricted, only efficient conventions are stochastically stable. If there are barriers on mobility, the coexistence of different conventions can be observed. While imperfect observability and friction alone cannot prevent society from reaching an overall efficient outcome, restricted mobility can.
ISSN:0167-2681
1879-1751
DOI:10.1016/S0167-2681(98)00125-5