Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model--A Corrigendum
WP 17-20 |
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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.