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Unformatted text preview: are p = 0, and 1. e) Starting at p(0) = 0.5, dp/dt < 0, and remains so for all p < 0.5. Therefore, p(t) will converge to 0; the (Y,Y) equilibrium. Indeed, the dynamics will converge to (Y,Y) for all p(0) < , and converge to (X,X) for all p(0) > . The basin of attraction for the bad (Y,Y) equilibrium is three times larger than the basin of attraction for the good (X,X) equilibrium. Note that the mixedstrategy NE at is unstable since any perturbation will cause the population p(t) to diverge away from . p(t) dp dt...
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 Spring '11
 econ

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