Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model -- A Corrigendum

17 Pages Posted: 4 Dec 2017

See all articles by Fabrizio Panebianco

Fabrizio Panebianco

Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS); Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS)

Anja Prummer

University of Cambridge - Cambridge-INET Institute

Jan-Peter Siedlarek

Federal Reserve Banks - Federal Reserve Bank of Cleveland

Date Written: November 13, 2017

Abstract

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.

Keywords: Cultural transmission, continuous cultural traits, social networks, opinion

JEL Classification: D83, D85, Z13

Suggested Citation

Panebianco, Fabrizio and Prummer, Anja and Siedlarek, Jan-Peter, Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model -- A Corrigendum (November 13, 2017). FRB of Cleveland Working Paper No. 17-20. Available at SSRN: https://ssrn.com/abstract=3081159 or http://dx.doi.org/10.2139/ssrn.3081159

Fabrizio Panebianco

Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS) ( email )

Piazza dell'Ateneo Nuovo, 1
Milano, 20126
Italy

Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) ( email )

Piazza dell'Ateneo Nuovo, 1
Milan, 20126
Italy

Anja Prummer

University of Cambridge - Cambridge-INET Institute ( email )

Sidgwick Avenue
Cambridge, CB3 9DD
United Kingdom

Jan-Peter Siedlarek (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Cleveland ( email )

East 6th & Superior
Cleveland, OH 44101-1387
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
4
Abstract Views
113
PlumX Metrics