Building upon Freidlin and Wentzell's (1984) theory of large deviations for continuous time-processes, Dean Foster and Peyton Young (1990) developed the more powerful concept of stochastic stability: "The stochastically stable set [SSS] is the set of states such that, in the long run, it is nearly certain that the system lies within every open set containing S as the noise tends slowly to zero" [p. 221]. This solution concept created a major impact in economics and game theory after Young (1993) developed a more tractable version of the theory for general finite-state Markov chains.
Building on Freidlin and Wentzell's work on large deviations for continuous time processes, Foster and Young (1990) developed the concept of stochastic stability, which is based on the idea that a system will likely remain within any open set as noise decreases over time. This concept has had a significant impact in economics and game theory after Young (1993) simplified it for general finite-state Markov chains.