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On the equivalence of Nash and evolutionary equilibrium in finite populations

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  • Hehenkamp, Burkhard
  • Possajennikov, Alex
  • Guse, Tobias

Abstract

This paper provides sufficient and partially necessary conditions for the equivalence of symmetric Nash and evolutionary equilibrium in symmetric games played by finite populations. The conditions are based on generalized constant-sum and "smallness" properties, the latter of which is known from models of perfect competition and large games. The conditions are illustrated on examples including oligopoly games.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 73 (2010)
Issue (Month): 2 (February)
Pages: 254-258

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Handle: RePEc:eee:jeborg:v:73:y:2010:i:2:p:254-258

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Web page: http://www.elsevier.com/locate/jebo

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Keywords: Nash equilibrium Evolutionary stability Finite populations;

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References

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  1. Hehenkamp, B. & Leininger, W. & Possajennikov, A., 2004. "Evolutionary equilibrium in Tullock contests: spite and overdissipation," European Journal of Political Economy, Elsevier, vol. 20(4), pages 1045-1057, November.
  2. Ania, Ana B., 2008. "Evolutionary stability and Nash equilibrium in finite populations, with an application to price competition," Journal of Economic Behavior & Organization, Elsevier, vol. 65(3-4), pages 472-488, March.
  3. Carlos Alós-Ferrer & Ana B. Ania, 2003. "The Asset Market Game," Vienna Economics Papers 0320, University of Vienna, Department of Economics.
  4. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
  5. Carlos Alós-Ferrer & Ana Ania, 2005. "The evolutionary stability of perfectly competitive behavior," Economic Theory, Springer, vol. 26(3), pages 497-516, October.
  6. Tanaka, Yasuhito, 2000. "Stochastically stable states in an oligopoly with differentiated goods: equivalence of price and quantity strategies," Journal of Mathematical Economics, Elsevier, vol. 34(2), pages 235-253, October.
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Citations

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Cited by:
  1. Ania, Ana B. & Wagener, Andreas, 2009. "The Open Method of Coordination (OMC) as an Evolutionary Learning Process," Discussion Papers in Economics 10332, University of Munich, Department of Economics.
  2. Andreas Wagener, 2013. "Tax Competition, Relative Performance, And Policy Imitation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54, pages 1251-1264, November.
  3. Peter Duersch & Joerg Oechssler & Burkhard Schipper, 2010. "Pure Strategy Equilibria in Symmetric Two-Player Zero-Sum Games," Working Papers 1021, University of California, Davis, Department of Economics.
  4. Peter Duersch & Joerg Oechssler & Burkhard C. Schipper, 2010. "Pure Saddle Points and Symmetric Relative Payoff Games," Working Papers 104, University of California, Davis, Department of Economics.
  5. Thomas Vallée & Murat Yıldızoğlu, 2013. "Can They Beat the Cournot Equilibrium? Learning with Memory and Convergence to Equilibria in a Cournot Oligopoly," Computational Economics, Society for Computational Economics, vol. 41(4), pages 493-516, April.

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