On the stability of equilibria in replicator dynamics modelling: an application in industrial dynamics considering resource constraints
AbstractReplicator dynamic modelling (rdm) is used to discuss industrial evolution problems with heterogeneous agents. However, some of the models tend to be very complex and, therefore, analytical solutions cannot be obtained. Hence, the paper proposes to start with a relatively simple model and check its stability of the equilibria before expanding the model. This strategy is more effective than relying on simulation based studies where instability cannot be ruled out ex ante. Thus, the aim of this paper is to introduce a stability check for rdm, especially, if one ore more real Eigenvalues with value zero occur. Besides the (Strogatz, 1994) and (Hilborn, 1994) local stability theorem, this method provides an alternative and more flexible procedure for stability analysis for rdm. To apply this approach, an industrial replicator dynamic model containing three differential equations is set up.
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Bibliographic InfoPaper provided by Bavarian Graduate Program in Economics (BGPE) in its series Working Papers with number 046.
Length: 34 pages
Date of creation: Mar 2008
Date of revision:
Evolutionary economics; Replicator dynamics;
Other versions of this item:
- Torben Klarl, 2008. "On the stability of equilibria in replicator dynamics modelling: an application in industrial dynamics considering resource constraints," Discussion Paper Series 298, Universitaet Augsburg, Institute for Economics.
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
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