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Evolution, Rationality and Equilibrium in Games

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  • Weibull, Jörgen W.

    (Research Institute of Industrial Economics (IFN))

Abstract

Evolutionary game theory studies the robustness of strategy profiles and sets of strategy profiles with respect to evolutionary forces in games played repeatedly in large populations of boundedly rational agents. The approach is macro oriented in the sense of focusing on the strategy distribution in the interacting population(s). Some main features of this approach are here outlined, and connections with learning models and standard notions of game-theoretic rationality and equilibrium are discussed. Some desiderata and results for robust long-run predictions are considered.

Suggested Citation

  • Weibull, Jörgen W., 1997. "Evolution, Rationality and Equilibrium in Games," Working Paper Series 489, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:0489
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    References listed on IDEAS

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    3. Eckel, Catherine C., 2004. "Vernon Smith: economics as a laboratory science," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(1), pages 15-28, March.
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    11. Agnès Festré, 2010. "Incentives And Social Norms: A Motivation‐Based Economic Analysis Of Social Norms," Journal of Economic Surveys, Wiley Blackwell, vol. 24(3), pages 511-538, July.
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    More about this item

    Keywords

    Games;

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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