作者：Cabrales, A
作者单位：Pompeu Fabra University
摘要：This article studies the replicator dynamics in the presence of shocks. I show that under these dynamics, strategies that do not survive the iterated deletion of strictly dominated strategies are eliminated in the long run, even in the presence of nonvanishing perturbations. I also give an example that shows that the stochastic dynamics in this article have equilibrium selection properties that differ from other dynamics in the literature.
作者：Teulings, CN
作者单位：Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：While the employment effects of minimum wages are usually reported to be small (suggesting low substitutability between skill types), direct estimates suggest a much larger degree of substitutability. This article argues that this paradox is largely due to a bias induced by the aggregation of skill types into broad categories. An assignment model is applied where skilled workers have a comparative advantage in complex jobs. The implied pattern of substitutability reveals the sources of the bia...
