Founded on a Muthian cobweb model, this study extends the evolutionary setting in Hommes and Wagener (2010), by assuming that agents face heterogeneous information costs. We prove that the equilibrium, when globally eductively stable, may be unstable under evolutionary learning.
Naimzada, A., Pireddu, M. (2020). Eductive stability may not imply evolutionary stability in the presence of information costs. ECONOMICS LETTERS, 186 [10.1016/j.econlet.2019.06.019].
Eductive stability may not imply evolutionary stability in the presence of information costs
Naimzada, AK
;Pireddu, M
2020
Abstract
Founded on a Muthian cobweb model, this study extends the evolutionary setting in Hommes and Wagener (2010), by assuming that agents face heterogeneous information costs. We prove that the equilibrium, when globally eductively stable, may be unstable under evolutionary learning.
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