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..
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.