The evolution of conventions.¶
Young, H. P. (1993). The evolution of conventions. Econometrica, 61(1), 57-84.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
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.
Supported in partVerified against the publisher's abstract
Young's own abstract supports modelling conventions as stochastically stable long-run outcomes of adaptive learning, but not the behavioural-regularity/social-enforcement contrast the sentence draws.
“When the likelihood of mistakes is very small, typically one coordination equilibrium will be played almost all of the time over the long run. This stochastically stable equilibrium can be computed analytically using a general theorem the author proves on perturbed Markov processes.”
- 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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