Title:
Evolutionary Equilibrium with Forward-Looking Players
Author(s):
Lawrence Blume
Paper #:
05-04-015
Date:
April 1, 2005
Abstract:
In this paper I summarize the case for evolutionary game theory as a framework for the investigation of the origins and persistence of norms and conventions. One problem with evolutionary models is that individuals are not forward-looking, a property which lies at the heart of the arguments over the application of rational choice theory to the problem of social order. I demonstrate here one way to address this problem. I show that patient play strengthens the case for risk-dominant equilibrium selection in coordination games, even when risk- and payoff-dominant equilibria differ.
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