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Reference: David P. Myatt and Chris Wallace, (2002). A Multinomial Probit Model of Stochastic Evolution. Department of Economics (University of Oxford).Citable link to this page:

 

A Multinomial Probit Model of Stochastic Evolution. Series: Discussion paper series

Abstract: A strategy revision process in symmetric normal form games is proposed.Following Kandori, Mailath, and Rob (1993), members of a population periodicallyrevise their strategy choice, and choose a myopic best response to currently observedplay. Their payoffs are perturbed by normally distributed Harsanyian (1973) trembles,so that strategies are chosen according to multinomial probit probabilities. As thevariance of payoffs is allowed to vanish, the graph theoretic methods of the earlierliterature continue to apply. The distributional assumption enables a convenient closedform characterisation for the weights of the rooted trees. An illustration of the approachis offered, via a consideration of the role of dominated strategies in equilibrium selection.

Bibliographic Details

Issue Date: 2002Identifiers

Urn: uuid:76730591-4854-4c6b-aba7-1bcb5711432e Item Description

Type: info:eu-repo/semantics/workingPaper;

Language: en Tiny URL: ora:1127

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Author: David P. Myatt - - - Chris Wallace - - - - Bibliographic Details Issue Date: 2002 - Identifiers Urn: uuid:76730591-4854-4c6b-aba7

Source: https://ora.ox.ac.uk/objects/uuid:76730591-4854-4c6b-aba7-1bcb5711432e



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