Convergence of cultural traits with time-varying self-confidence in the Panebianco (2014) model – A corrigendum
| Autor: | Fabrizio Panebianco, Jan-Peter Siedlarek, Anja Prummer |
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| Rok vydání: | 2018 |
| Předmět: |
Economics and Econometrics
Markov chain media_common.quotation_subject 05 social sciences Big Five personality traits and culture Self-confidence Opinion dynamics 0502 economics and business Econometrics Transition matrices Convergence (relationship) 050207 economics Cultural transmission in animals 050205 econometrics Mathematics media_common |
| Zdroj: | Journal of Economic Theory. 175:e3-e13 |
| ISSN: | 0022-0531 |
| Popis: | We highlight that convergence in repeated averaging models commonly used to study cultural traits or opinion dynamics is not equivalent to convergence in Markov chain settings if transition matrices are time-varying. We then establish a new proof for the convergence of cultural traits in the model of Panebianco (2014) correcting the existing proof. The new proof provides novel insights on the long-run outcomes for inessential individuals. We close with a discussion of conditions for convergence in repeated averaging models with time-varying transition matrices. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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