Lyapunov Stability in an Evolutionary Game Theory Model of the Labor Market
AbstractIn this paper the existence and stability of equilibria in an evolutionary game theory model of the labor market is studied by using the Lyapunov method. The model display multiple equilibria and it is shown that the Nash Equilibria of the static game are evolutionary stable equilibria in the game theory evolutionary set up. In this vein a complete characterization of the dynamics of an evolutionary model of the labor market is provided.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 29957.
Date of creation: Mar 2011
Date of revision:
Evolutionary game theory approach; labour market; informal economy; Lyapunov function;
Find related papers by JEL classification:
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-04-23 (All new papers)
- NEP-EVO-2011-04-23 (Evolutionary Economics)
- NEP-GTH-2011-04-23 (Game Theory)
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