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Waiting times and equilibrium selection

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Summary.

This paper shows how graphs can be used to calculate waiting times in models of equilibrium selection. It also shows how reducing the state space can simplify the calculations of both waiting times and selected equilibria. The results are applied to potential games and games with strategic complementarities.

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Authors and Affiliations

  1. Department of Economics, Wadham College, OX1 3PN, Oxford, UK

    Alan Beggs

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  1. Alan Beggs
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Correspondence to Alan Beggs.

Additional information

Received: 31 December 2002, Revised: 25 October 2003,

JEL Classification Numbers:

C72, C73.

Alan Beggs: I am grateful to an anonymous referee for helpful comments.

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Beggs, A. Waiting times and equilibrium selection. Economic Theory 25, 599–628 (2005). https://doi.org/10.1007/s00199-003-0444-6

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  • DOI: https://doi.org/10.1007/s00199-003-0444-6

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