Evolution and Endogenous Interations
AbstractWe examine an evolutionary model with "local interactions," so that some agents may be more likely to interact than others. We show that equilibrium strategy choices with given local interactions correspond to correlated equilibria of the underlying game, suggesting an new interpretation for correlated equilibrium. We then allow the pattern of interactions itself to be shaped by evolutionary pressures. If agents do not have the ability to avoid unwanted interactions, the heterogeneous outcomes can appear, including outcomes in which different groups play different Pareto ranked equilibria. If agents do have the ability to avoid undesired interaction, then we derive conditions under which outcomes must be not only homogeneous but efficient.
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Bibliographic InfoPaper provided by Wisconsin Madison - Social Systems in its series Working papers with number 9426.
Length: 36 pages
Date of creation: 1994
Date of revision:
Contact details of provider:
Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.
game theory ; economic equilibrium;
Other versions of this item:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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