In and out of equilibrium I: Evolution of strategies in repeated games with discounting

A-Tier
Journal: Journal of Economic Theory
Year: 2016
Volume: 161
Issue: C
Pages: 161-189

Authors (2)

García, Julián (not in RePEc) van Veelen, Matthijs (Tinbergen Instituut)

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

In the repeated prisoner's dilemma there is no strategy that is evolutionarily stable, and a profusion of neutrally stable ones. But how stable is neutrally stable? We show that in repeated games with large enough continuation probabilities, where the stage game is characterized by a conflict between individual and collective interests, there is always a neutral mutant that can drift into a population that is playing an equilibrium, and create a selective advantage for a second mutant. The existence of stepping stone paths out of any equilibrium determines the dynamics in finite populations playing the repeated prisoner's dilemma.

Technical Details

RePEc Handle
repec:eee:jetheo:v:161:y:2016:i:c:p:161-189
Journal Field
Theory
Author Count
2
Added to Database
2026-01-29