Rapid Evolution under Inertia.
This paper demonstrates that inertia driven by switching costs leads to more rapid evolution in a class of games that includes m × m pure coordination games. Under the best-response dynamic and a fixed rate of mutation, the expected waiting time to reach long-run equilibrium is of lower order in the...
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| Format: | Journal article |
| Language: | English |
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Elsevier
2009
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| _version_ | 1826262538717757440 |
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| author | Norman, T |
| author_facet | Norman, T |
| author_sort | Norman, T |
| collection | OXFORD |
| description | This paper demonstrates that inertia driven by switching costs leads to more rapid evolution in a class of games that includes m × m pure coordination games. Under the best-response dynamic and a fixed rate of mutation, the expected waiting time to reach long-run equilibrium is of lower order in the presence of switching costs, due to the creation of new absorbing states that allow Ellison's [Ellison, G., 2000. Basins of attraction, long-run stochastic stability, and the speed of step-by-step evolution. Rev. Econ. Stud. 67, 17-45] "step-by-step" evolution to occur. |
| first_indexed | 2024-03-06T19:37:47Z |
| format | Journal article |
| id | oxford-uuid:1fa063fd-aecb-4867-b898-562c75f0fc32 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T19:37:47Z |
| publishDate | 2009 |
| publisher | Elsevier |
| record_format | dspace |
| spelling | oxford-uuid:1fa063fd-aecb-4867-b898-562c75f0fc322022-03-26T11:22:55ZRapid Evolution under Inertia.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:1fa063fd-aecb-4867-b898-562c75f0fc32EnglishDepartment of Economics - ePrintsElsevier2009Norman, TThis paper demonstrates that inertia driven by switching costs leads to more rapid evolution in a class of games that includes m × m pure coordination games. Under the best-response dynamic and a fixed rate of mutation, the expected waiting time to reach long-run equilibrium is of lower order in the presence of switching costs, due to the creation of new absorbing states that allow Ellison's [Ellison, G., 2000. Basins of attraction, long-run stochastic stability, and the speed of step-by-step evolution. Rev. Econ. Stud. 67, 17-45] "step-by-step" evolution to occur. |
| spellingShingle | Norman, T Rapid Evolution under Inertia. |
| title | Rapid Evolution under Inertia. |
| title_full | Rapid Evolution under Inertia. |
| title_fullStr | Rapid Evolution under Inertia. |
| title_full_unstemmed | Rapid Evolution under Inertia. |
| title_short | Rapid Evolution under Inertia. |
| title_sort | rapid evolution under inertia |
| work_keys_str_mv | AT normant rapidevolutionunderinertia |