English, Article, Journal or magazine article edition: Rapid Evolution under Inertia Thomas W.L. Norman

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Bookmark: http://trove.nla.gov.au/version/21327
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Rapid Evolution under Inertia
Author
  • Thomas W.L. Norman
Physical Description
  • preprint
Notes
  • This paper demonstrates that inertia driven by switching costs leads to more rapid evolution in a class of games that includes m x m pure coordination games. Under the best-response dynamic and a fixed rate of mutation, the expected waiting time to reach long-run equilibrium is of lower order in the presence of switching costs, due to the creation of new absorbing "inertia" states that allow Ellison`s (Review of Economic Studies 67, 2000, 17-45) "step-by-step" evolution to occur.
  • Evolution, Mutations, Long-run Equilibrium, Waiting Times, Inertia, Switching Costs
  • RePEc:oxf:wpaper:299
Language
  • English
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