Rationalizability and Interactivity in Evolutionary OLG Models
AbstractWe use the theory of rationalizable choices to study the survival and the extinction of types (or traits) in evolutionary OLG models. Two properties of evolutionary processes are introduced: rationalizability by a tness ordering (i.e. only the most fit types survive) and interactivity (i.e. a withdrawal of types a effects the survival of other types). Those properties are shown to be logically incompatible. We then examine whether the evolutionary processes at work in canonical evolutionary OLG models satisfy rationalizability or interactivity. We study n-types versions of the evolutionary OLG models of Galor and Moav (2002) and Bisin and Verdier (2001), and show that, while the evolutionary process at work in the former is generally rationalizable by a tness ordering, the opposite is true for the latter, which exhibits, in general, interactivity.
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Date of creation: 17 Apr 2013
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Evolutionary OLG models ; Survival ; Extinction ; Fitness or- dering ; Rationalization;
Other versions of this item:
- Ponthiere, Gregory, 2013. "Rationalizability and interactivity in evolutionary OLG models," Mathematical Social Sciences, Elsevier, vol. 66(2), pages 105-116.
- NEP-ALL-2013-04-27 (All new papers)
- NEP-DGE-2013-04-27 (Dynamic General Equilibrium)
- NEP-EVO-2013-04-27 (Evolutionary Economics)
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