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• W2157506892 abstract "This paper addresses the relationship between the degree of decentralization in a population and the probability of coordinating on an efficient outcome rather than the risk-dominant outcome in a coordination game. The model here extends the literature on evolutionary games by supposing that players interact in groups but that occasionally they may change groups. The main innovation is the group-changing assumption which allows players to ‘vote with their feet.’ In contrast to most of the recent literature (e.g. Kandori et al., 1993) in which the risk-dominant equilibrium is selected in the long run, the model here predicts convergence to the efficient equilibrium if interaction is decentralized enough. Furthermore, it is shown how the model can be applied to the problem of product standardization." @default.
• W2157506892 created "2016-06-24" @default.
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• W2157506892 date "1997-01-01" @default.
• W2157506892 modified "2023-10-14" @default.
• W2157506892 title "Decentralization and the coordination problem" @default.
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• W2157506892 doi "https://doi.org/10.1016/s0167-2681(96)00022-4" @default.
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