Unformatted text preview: are p = 0, ¾ 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) < ¾, and converge to (X,X) for all p(0) > ¾. 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 mixed-strategy NE at ¾ is unstable since any perturbation will cause the population p(t) to diverge away from ¾. ¾ p(t) dp dt...
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- Spring '11
- Dynamics, Trigraph, Form of the Good, The Basin, Victoria, dynamic rest points