We study the dynamic implementation of the first-best for King Solomon's Dilemma, on the assumption that boundedly rational players find their way to equilibrium using monotonic evolutionary dynamics. We find that all the mechanisms proposed by the literature fail to implement the first best dynamically and provide an alternative solution.
Splitting the baby in two: solving Solomon's dilemma with boundedly rational agents / Ponti, Giovanni Benedetto. - In: JOURNAL OF EVOLUTIONARY ECONOMICS. - ISSN 0936-9937. - 10:4(2000), pp. 449-455. [10.1007/PL00003850]
Splitting the baby in two: solving Solomon's dilemma with boundedly rational agents
Ponti G.
2000
Abstract
We study the dynamic implementation of the first-best for King Solomon's Dilemma, on the assumption that boundedly rational players find their way to equilibrium using monotonic evolutionary dynamics. We find that all the mechanisms proposed by the literature fail to implement the first best dynamically and provide an alternative solution.
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