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Learning, Mutation, and Long Run Equilibria in Games

Kandori, Michihiro, Mailath, George J., Rob, Rafael·1993·Econometrica

Abstract

An evolutionary model with a finite number of players and with stochastic mutations is analyzed. The expansion and contraction of strategies is linked to their current relative success, but mutuation, perturbing the system from its deterministic evolution, are present as well. The focus is on the long run implications of ongoing mutations, which drastically reduce the set of equilibria. For 2 by 2 symmetric games with two symmetric strict Nash equilibria the risk dominant equilibrium is selected. In particular, if both strategies have equal security levels, the Pareto dominant Nash equilibrium is selected. In particular, if both strategies have equal security levels, the Pareto dominant Nash equilibrium is selected, even though there is another strict Nash equilibrium. Copyright 1993 by The Econometric Society.

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Metadata

Authors
Kandori, M., Mailath, G. J., & Rob, R.
Venue
Econometrica
Publisher
JSTOR
Published
1993-01
Volume
61
Issue
1
Pages
29
ISSN
0012-9682 (ISSN-L)
OpenAlex
W1960974220
Cited by
2,044
References
0
FWCI
159.67
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Learning, Mutation, and Long Run Equilibria in Games. https://app.cochat.ai/papers/10.2307/2951777
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Kandori, M., Mailath, G. J., & Rob, R. (1993). Learning, Mutation, and Long Run Equilibria in Games. Econometrica. https://doi.org/10.2307/2951777

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