Sugden, R. (1995) The coexistence of conventions. Journal of Economic Behavior and Organization, 28 (2). pp. 241-256. ISSN 0167-2681
Full text not available from this repository. (Request a copy)Abstract
The paper presents a model of repeated, anonymous play of a 2 × 2 game with two strict Nash equilibria, one of which risk-dominates the other. Stage games differ according to their location in a "social space"; players receive noisy signals of these locations. The dynamics of the model are such that strategy choices, conditional on any signal, gravitate towards whichever strategy maximizes expected utility. Social space need not be uniform. Certain kinds of non-uniformity in social space can allow stationary states in which the two equilibria coexist, each being played in a different region.
Item Type: | Article |
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Uncontrolled Keywords: | convention,coordination game,equilibrium selection |
Faculty \ School: | Faculty of Social Sciences > School of Economics |
Related URLs: | |
Depositing User: | Pure Connector |
Date Deposited: | 22 Nov 2013 13:48 |
Last Modified: | 24 Oct 2022 05:05 |
URI: | https://ueaeprints.uea.ac.uk/id/eprint/44552 |
DOI: |
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