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The evolution of walrasian behavior

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Author Info

  • Fernando Vega Redondo

    (Instituto Valenciano de Investigaciones Económicas)

Abstract

Consider 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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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1996-05.pdf
File Function: Fisrt version / Primera version, 1996
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1996-05.

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Length: 20 pages
Date of creation: Jan 1996
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1996-05

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Related research

Keywords: Walrasian; evolution; coumot; mutation; imitation;

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