The evolution of conventions.¶
Young, H. P. (1993). The evolution of conventions. Econometrica, 61(1), 57-84.
Cited by¶
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Primes¶
- Coordination Problem and Equilibrium Selection
- But conventions emphasize the behavioral regularity and social enforcement; equilibrium selection emphasizes the mathematical structure of multiple stable states and the selection mechanism, a distinction Young (1993) sharpened by modeling conventions as the long-run outcomes of stochastic adaptive learning.
This sourceModels conventions as stochastically stable equilibria of adaptive play; formalizes how the selection process itself, not merely the existence of equilibria, determines long-run outcomes.
- But conventions emphasize the behavioral regularity and social enforcement; equilibrium selection emphasizes the mathematical structure of multiple stable states and the selection mechanism, a distinction Young (1993) sharpened by modeling conventions as the long-run outcomes of stochastic adaptive learning.
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