Dynamics in stochastic evolutionary models. Issue 1 (1st February 2016)

• Record Type: Journal Article
• Authors: Levine, David K.; Modica, Salvatore
• Is Part Of: Theoretical economics. Volume 11:Issue 1(2016:Jan.)
• Page Start: 89
• Page End: 131
• Publication Date: 2016-02-01
• Subjects: Evolution -- conventions -- Markov chains -- state power; C73; Economics -- Periodicals; 330.01
• DOI: 10.3982/TE1978
• Languages: English
• ISSNs: 1933-6837

Abstract

Abstract : We characterize transitions between stochastically stable states and relative ergodic probabilities in the theory of the evolution of conventions. We give an application to the fall of hegemonies in the evolutionary theory of institutions and conflict, and illustrate the theory with the fall of the Qing dynasty and the rise of communism in China.