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School of Economics and Finance

No. 840: Convergence of Cultural Traits with Time-Varying Self-Confidence in the Panebianco (2014) Model – A Corrigendum

Fabrizio Panebianco , Bocconi University and IGIER
Anja Prummer , Queen Mary University of London
Jan-Peter Siedlarek , Federal Reserve Bank of Cleveland

November 24, 2017

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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.

J.E.L classification codes: D83, D85, Z13

Keywords:Cultural transmission; Continuous cultural traits; Social networks; Opinion dynamics