Dynamics in stochastic evolutionary models

Salvatore Modica, David K. Levine

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5 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)89-131
Number of pages43
JournalTHEORETICAL ECONOMICS
Volume11
Publication statusPublished - 2016

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All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)

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