Results from D. Gale and R. W. Rosenthal [J. Econ. Theory84 (1999), 1-40] are extended to characterize convergence properties of the model for (almost) every set of parameters. In particular, there is a sharp delineation between the parameter region in which the process of experimentation and imitation converges almost surely to the equilibrium and another region in which the process is only weakly convergent (unstable in the small but not too unstable). Journal of Economic Literature. Classification Number: D83.
ASJC Scopus subject areas
- Economics and Econometrics