Multiple equilibria and limit cycles in evolutonary games with Logit Dynamics
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| Publication date | 2012 |
| Journal | Games and Economic Behavior |
| Volume | Issue number | 74 | 1 |
| Pages (from-to) | 434-441 |
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| Abstract |
This note shows, by means of two simple, three-strategy games, the existence of stable periodic orbits and of multiple, interior steady states in a smooth version of the Best-Response Dynamics, the Logit Dynamics. The main finding is that, unlike Replicator Dynamics, generic Hopf bifurcation and thus, stable limit cycles, occur under the Logit Dynamics, even for three-strategy games. We also show that the Logit Dynamics displays another bifurcation which cannot occur under the Replicator Dynamics: the fold bifurcation, with non-monotonic creation and disappearance of steady states. |
| Document type | Article |
| Note | The final publication of this article is available at http://dx.doi.org/10.1016/j.geb.2011.05.014. |
| Language | English |
| Published at | https://doi.org/10.1016/j.geb.2011.05.014 |
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