Large deviations and equilibrium selection in large populations
This paper uses the theory of large deviations to analyse equilibrium selection in one-dimensional games with large populations where the system evolves according to a jump Markov process. The equilibria selected maximise a quasi-potential function which can be determined by solving a polynomial equ...
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| Fformat: | Working paper |
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University of Oxford
2002
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| _version_ | 1826265333959229440 |
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| author | Beggs, A |
| author_facet | Beggs, A |
| author_sort | Beggs, A |
| collection | OXFORD |
| description | This paper uses the theory of large deviations to analyse equilibrium selection in one-dimensional games with large populations where the system evolves according to a jump Markov process. The equilibria selected maximise a quasi-potential function which can be determined by solving a polynomial equation. Estimates of waiting times are also given. It shows that equilibria about which there is more noise are less likely to be selected and clarifies the role of the limiting deterministic dynamic in selection. |
| first_indexed | 2024-03-06T20:22:03Z |
| format | Working paper |
| id | oxford-uuid:2e24450f-79fc-4662-ad3b-012011a1294e |
| institution | University of Oxford |
| last_indexed | 2024-03-06T20:22:03Z |
| publishDate | 2002 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:2e24450f-79fc-4662-ad3b-012011a1294e2022-03-26T12:47:15ZLarge deviations and equilibrium selection in large populationsWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:2e24450f-79fc-4662-ad3b-012011a1294eSymplectic ElementsBulk import via SwordUniversity of Oxford2002Beggs, AThis paper uses the theory of large deviations to analyse equilibrium selection in one-dimensional games with large populations where the system evolves according to a jump Markov process. The equilibria selected maximise a quasi-potential function which can be determined by solving a polynomial equation. Estimates of waiting times are also given. It shows that equilibria about which there is more noise are less likely to be selected and clarifies the role of the limiting deterministic dynamic in selection. |
| spellingShingle | Beggs, A Large deviations and equilibrium selection in large populations |
| title | Large deviations and equilibrium selection in large populations |
| title_full | Large deviations and equilibrium selection in large populations |
| title_fullStr | Large deviations and equilibrium selection in large populations |
| title_full_unstemmed | Large deviations and equilibrium selection in large populations |
| title_short | Large deviations and equilibrium selection in large populations |
| title_sort | large deviations and equilibrium selection in large populations |
| work_keys_str_mv | AT beggsa largedeviationsandequilibriumselectioninlargepopulations |