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Evolutionary Game Theory and the Modelling of Economic Behavior

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Author Info
Gerard van der Laan () (Vrije Universiteit Amsterdam)
A.F. Tieman () (Vrije Universiteit Amsterdam)

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Abstract

Since the 1950's economists applied game theoretical concepts to a wide variety of economic problems. The Nash equilibrium concept has proven to be a powerful instrument in analyzing the outcome of economic processes. Since the late 1980's economists also show a growing interest in the application of evolutionary game theory. This paper discusses the main concepts of evolutionary game theory and their applicability to economic issues. Whereas traditional game theory focusses on the static Nash equilibria as the possible outcomes of the game, evolutionary game theory teaches us to model explictly the behavior of individuals outside equilibrium. This may provide us with a better understanding of the dynamic forces within a society of interacting individuals.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 96-172/8.

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Date of creation: 19 Nov 1996
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Handle: RePEc:dgr:uvatin:19960172

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  1. Samuelson, L. & Zhang, J., 1991. "Evolutionary Stability in Asymmetric Games," Papers 9132, Tilburg - Center for Economic Research.
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  2. Bergin, James & Lipman, Barton L, 1996. "Evolution with State-Dependent Mutations," Econometrica, Econometric Society, vol. 64(4), pages 943-56, July. [Downloadable!] (restricted)
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  3. Xander F. Tieman & Gerard van der Laan & Harold Houba, 1996. "Bertrand Price Competition in a Social Environment," Tinbergen Institute Discussion Papers 96-140/8, Tinbergen Institute. [Downloadable!]
  4. repec:att:wimass:199325 is not listed on IDEAS
  5. Bjornerstedt, J. & Weibull, J.W., 1993. "Nash Equilibrium and Evolution by Imitation," DELTA Working Papers 93-23, DELTA (Ecole normale supérieure).
  6. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September. [Downloadable!] (restricted)
  7. Karl H. Schlag, . "Why Imitate, and if so, How? A Bounded Rational Approach to Multi- Armed Bandits," ELSE working papers 028, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]
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  8. Friedman, Daniel, 1991. "Evolutionary Games in Economics," Econometrica, Econometric Society, vol. 59(3), pages 637-66, May. [Downloadable!] (restricted)
  9. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March. [Downloadable!] (restricted)
  10. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215.
  11. Kamiya, Kazuya, 1990. "A Globally Stable Price Adjustment Process," Econometrica, Econometric Society, vol. 58(6), pages 1481-85, November. [Downloadable!] (restricted)
  12. Arthur J Robson & Fernando Vega-Redondo, 1999. "Efficient Equilibrium Selection in Evolutionary Games with Random Matching," Levine's Working Paper Archive 2112, David K. Levine. [Downloadable!]
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  13. Vincent P. Crawford, 1990. "An 'Evolutionary' Interpretation of Van Huyck, Battalio, and Beil's Experimental Results on Coordination," University of California at San Diego, Economics Working Paper Series 89-28r, Department of Economics, UC San Diego.
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  14. Van Damme, Eric, 1994. "Evolutionary game theory," European Economic Review, Elsevier, vol. 38(3-4), pages 847-858, April. [Downloadable!] (restricted)
  15. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
  16. Matsui, Akihiko, 1992. "Best response dynamics and socially stable strategies," Journal of Economic Theory, Elsevier, vol. 57(2), pages 343-362, August. [Downloadable!] (restricted)
  17. Mailath, George J., 1992. "Introduction: Symposium on evolutionary game theory," Journal of Economic Theory, Elsevier, vol. 57(2), pages 259-277, August. [Downloadable!] (restricted)
  18. Swinkels, Jeroen M., 1992. "Evolutionary stability with equilibrium entrants," Journal of Economic Theory, Elsevier, vol. 57(2), pages 306-332, August. [Downloadable!] (restricted)
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  19. Ellison, G., 1996. "Basins of Attraction, Long Run Equilibria, and the Speed of Step-by- Step Evolution," Working papers 96-4, Massachusetts Institute of Technology (MIT), Department of Economics.
  20. Vincent Crawford, 1992. "Adaptive Dynamics in Coordination Games," University of California at San Diego, Economics Working Paper Series 92-02r, Department of Economics, UC San Diego.
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  21. Daniel Friedman, 1998. "On economic applications of evolutionary game theory," Journal of Evolutionary Economics, Springer, vol. 8(1), pages 15-43. [Downloadable!] (restricted)
  22. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December. [Downloadable!] (restricted)
  23. Samuelson, Larry & Zhang, Jianbo, 1992. "Evolutionary stability in asymmetric games," Journal of Economic Theory, Elsevier, vol. 57(2), pages 363-391, August. [Downloadable!] (restricted)
  24. Selten, Reinhard, 1991. "Evolution, learning, and economic behavior," Games and Economic Behavior, Elsevier, vol. 3(1), pages 3-24, February. [Downloadable!] (restricted)
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