Fast convergence in evolutionary models: A Lyapunov approach

Evolutionary models in which N players are repeatedly matched to play a game have “fast convergence” to a set A if the models both reach A quickly and leave A slowly, where “quickly” and “slowly” refer to whether the expected hitting and exit times remain bounded when N tends to infinity. We provide...

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Bibliographic Details
Main Authors: Fudenberg, Drew, Imhof, Lorens A., Ellison, Glenn David
Other Authors: Massachusetts Institute of Technology. Department of Economics
Format: Article
Language:en_US
Published: 2019
Online Access:http://hdl.handle.net/1721.1/119847
https://orcid.org/0000-0003-3164-0855
Description
Summary:Evolutionary models in which N players are repeatedly matched to play a game have “fast convergence” to a set A if the models both reach A quickly and leave A slowly, where “quickly” and “slowly” refer to whether the expected hitting and exit times remain bounded when N tends to infinity. We provide simple and general Lyapunov criteria which are sufficient for reaching quickly and leaving slowly. We use these criteria to determine aspects of learning models that promote fast convergence.