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Evolution and sub-optimal behaviour

Author

Listed:
  • Ian M. Dobbs

    (Department of Economics, University of Newcastle, Newcastle upon Tyne NE1 7RU, UK)

  • Ian Molho

    (Department of Economics, University of Newcastle, Newcastle upon Tyne NE1 7RU, UK)

Abstract

The apparently sub-optimal behaviour of economic agents in games against nature can be seen as a natural outcome of evolutionary processes. This paper extends previous work on the evolutionary stability of sub-optimal adaptations by examining how stability is affected by the introduction of multiple traits and assortative mating. It is shown that increasing the number of traits tends to increase the scope for stable second best adaptations whilst assortative mating reduces it. Various economic applications are discussed.

Suggested Citation

  • Ian M. Dobbs & Ian Molho, 1999. "Evolution and sub-optimal behaviour," Journal of Evolutionary Economics, Springer, vol. 9(2), pages 187-209.
    • Handle: RePEc:spr:joevec:v:9:y:1999:i:2:p:187-209
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    Citations

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    Cited by:

    1. Juan Urrutia Elejalde, 2012. "Anarchism, postmodernism and realism under confirmatory bias," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 3(1), pages 273-290, March.
    2. Herold, Florian & Netzer, Nick, 2023. "Second-best probability weighting," Games and Economic Behavior, Elsevier, vol. 138(C), pages 112-125.
    3. Naci Canpolat & Hüseyin Ozel, 2008. "Evolutionary Dynamics of Globalization," Working Papers 2008/16, Turkish Economic Association.

    More about this item

    Keywords

    Suboptimal behaviour ; Evolutionary stability ; Sexual inheritance ; Assortative mating ; Population dynamics;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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