Skip to main content

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

11.15.17

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 dynamics.
JEL codes:D83, D85, Z13.

Suggested citation: Panebianco, Fabrizio, Anja Prummer, and Jan-Peter Siedlarek, 2017. “Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model—A Corrigendum,” Federal Reserve Bank of Cleveland, Working Paper no. 17-20. https://doi.org/10.26509/frbc-wp-201720.

Headlines

  • Toledo—Conditions Continue to Improve

    Joel Elvery Julianne Dunn

    Economic conditions in the Toledo metro area continue to improve. The unemployment rate has fallen, and employment levels are holding relatively steady. The housing market is a particularly bright spot, with rising residential building permit numbers, growing home prices, and median home values that exceed their prerecession peak. Read More

  • Columbus—Steady Overall Employment Growth

    Mekael Teshome Sarah Mattson

    The Columbus metro area continues to be one of the region’s strongest performers, with a low unemployment rate that continues to fall even as the labor force expands, steady employment growth, appreciating home prices, and low consumer debt and credit card delinquency levels. Read More

  • Racial Inequality, Neighborhood Effects, and Moving to Opportunity

    Dionissi Aliprantis

    Moving to Opportunity (MTO) was a housing mobility program designed to investigate neighborhood effects, the influences of the social and physical environment on human development and well-being. Some of the results from MTO have been interpreted as evidence that neighborhood effects are not as strong as earlier evidence had indicated. This Commentary discusses new research suggesting that neighborhood effects are, on the contrary, as strong and policy relevant as suspected before the experiment. This Commentary also discusses why the interpretation of the MTO data is important: If neighborhood effects drive outcomes, then addressing racial inequality requires concerted efforts beyond ending racial discrimination. Read More

Upcoming EventsSEE ALL