Fast Equilibrium Selection by Rational Players Living in a Changing World
نویسندگان
چکیده
منابع مشابه
Fast Equilibrium Selection by Rational Players Living in a Changing World by Krzysztof Burdzy,
We study a coordination game with randomly changing payoffs and small frictions in changing actions. Using only backwards induction, we find that players must coordinate on the risk-dominant equilibrium. More precisely, a continuum of fully rational players are randomly matched to play a symmetric 2 2 game. The payoff matrix changes according to a random walk. Players observe these payoffs and ...
متن کاملFast Equilibrium Selection by Rational Players Living in a Changing World
We study a coordination game with randomly changing payoos and small frictions in changing actions. Using only backwards induction, we nd that players must coordinate on the risk dominant equilibrium. More precisely, a continuum of fully rational players are randomly matched to play a symmetric 2 2 game. The payoo matrix changes over time according to some Brownian motion. Players observe these...
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ژورنال
عنوان ژورنال: Econometrica
سال: 2001
ISSN: 0012-9682,1468-0262
DOI: 10.1111/1468-0262.00181