A BEJTE Topics article.

Abstract

In a number of evolutionary models the presence of mutations, or random components of choice, serve to refine predictions of long-run behavior. We analyze the effects of mutation rates that vary because of the presence of imitation. A full characterization of long-run outcomes is provided for familiar coordination and congestion games, and also a number of other games not previously considered within the evolutionary framework. Our results are often quite distinct from those in the literature. We apply these tools to a series of economic applications, including market games, where imitation can explain excess volatility of prices, and location games, where it leads to greater uniformity in choices.

Submitted: June 7, 2004 · Accepted: August 2, 2004 · Published: October 5, 2004

Originally published in Topics in Theoretical Economics.

Recommended Citation

Dutta, Jayasri and Prasad, Kislaya (2004) "Imitation and Long Run Outcomes," Topics in Theoretical Economics: Vol. 4 : Iss. 1, Article 7.
Available at: http://www.bepress.com/bejte/topics/vol4/iss1/art7