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Doves and hawks in economics revisited [An evolutionary quantum game theory-based analysis of financial crises]

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Author Info
Hanauske, Matthias
Kunz, Jennifer
Bernius, Steffen
König, Wolfgang

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Abstract

The last financial and economic crisis demonstrated the dysfunctional long-term effects of aggressive behaviour in financial markets. Yet, evolutionary game theory predicts that under the condition of strategic dependence a certain degree of aggressive behaviour remains within a given population of agents. However, as the consequences of the financial crisis exhibit, it would be desirable to change the 'rules of the game' in a way that prevents the occurrence of any aggressive behaviour and thereby also the danger of market crashes. The paper picks up this aspect. Through the extension of the in literature well-known Hawk-Dove game by a quantum approach, we can show that dependent on entanglement, also evolutionary stable strategies can emerge, which are not predicted by classical evolutionary game theory and where the total economic population uses a non aggressive quantum strategy.

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File URL: http://mpra.ub.uni-muenchen.de/14680/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14680.

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Date of creation: 14 Apr 2009
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Handle: RePEc:pra:mprapa:14680

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Related research
Keywords: Evolutionary game theory; financial crisis; hawk-dove game; quantum game theory;

Find related papers by JEL classification:
D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
Z13 - Other Special Topics - - Cultural Economics - - - Social Norms and Social Capital; Social Networks Economic Anthropology
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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This page was last updated on 2009-11-27.

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