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Selection Dynamics, Asymptotic Stability, and Adaptive Behavior

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  • Van Huyck, John B
  • Cook, Joseph P
  • Battalio, Raymond C
Abstract
Selection dynamics are often used to distinguish stable and unstable equilibria. This is particularly useful when multiple equilibria prevent a priori comparative static analysis. This paper reports an experiment designed to compare the accuracy of the myopic best-response dynamic and an inertial selection dynamic. The inertial selection dynamic makes more accurate predictions about the observed mutual best-response outcomes. Copyright 1994 by University of Chicago Press.

Suggested Citation

  • Van Huyck, John B & Cook, Joseph P & Battalio, Raymond C, 1994. "Selection Dynamics, Asymptotic Stability, and Adaptive Behavior," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 975-1005, October.
    • Handle: RePEc:ucp:jpolec:v:102:y:1994:i:5:p:975-1005
    DOI: 10.1086/261961
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    References listed on IDEAS

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    8. John B. Van Huyck & Raymond C. Battalio & Richard O. Beil, 1991. "Strategic Uncertainty, Equilibrium Selection, and Coordination Failure in Average Opinion Games," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 885-910.
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