The evolution of walrasian behavior
AbstractConsider an evolutionary context where a given number of quantity-setting oligopolists tend to mimic successful behavior, occasionally experimenting with some small probability. In this context, it is shown that the unique long-run outcome of the process has all firms playing Walrasian, i.e., choosing an output that maximizes profits when taking the market-clearing price as given.
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Bibliographic InfoPaper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1996-05.
Length: 20 pages
Date of creation: Jan 1996
Date of revision:
Publication status: Published by Ivie
Walrasian; evolution; coumot; mutation; imitation;
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