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Working Paper

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

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.
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Topics
Econometrics, modeling, and forecasting
11.15.2017ISSN 2573-7953 WP 17-20DOI 10.26509/frbc-wp-201720
Keywords cultural transmission, continuous cultural traits, social networks, opinion dynamics
JEL Classification Codes D83, D85, Z13

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

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