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Path Dependence Without Denying Deliberation : An Exercise Model Connecting Rationality and Evolution

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  • Güth, Werner
  • Stadler, Manfred

Abstract

Traditional game theory usually relies on commonly known decision rationality meaning that choices are made in view of their consequences (the shadow of the future). Evolutionary game theory, however, denies any cognitive deliberation by assuming that choice behavior evolves due to its past success (the shadow of the past) as typical in evolutionary biology. Indirect evolution does not consider the two opposite approaches as mutually exclusive but allows to combine them in various ways (Berninghaus et al., 2003). Here we provide a simple application allowing any linear combination of rational deliberation and path dependence, i.e. of the two "shadows". --

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Bibliographic Info

Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 282.

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Date of creation: 2004
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Handle: RePEc:zbw:tuedps:282

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Cited by:
  1. Heger, Diana & Zaby, Alexandra K., 2009. "The propensity to patent with horizontally differentiated products: An empirical investigation," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 324, University of Tübingen, School of Business and Economics.
  2. Frontczak, Robert & Schöbel, Rainer, 2009. "On modified Mellin transforms, Gauss-Laguerre quadrature, and the valuation of American call options," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 320, University of Tübingen, School of Business and Economics.
  3. Dymke, Björn M. & Walter, Andreas, 2006. "Insider trading in Germany: Do corporate insiders exploit inside information?," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 309, University of Tübingen, School of Business and Economics.
  4. Pitterle, Ingo & Steffen, Dirk, 2004. "Welfare Effects of Fiscal Policy under Alternative Exchange Rate Regimes : The Role of the Scale Variable of Money Demand," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 284, University of Tübingen, School of Business and Economics.
  5. Heger, Diana & Zaby, Alexandra K., 2009. "The propensity to patent with vertically differentiated products: An empirical investigation," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 325, University of Tübingen, School of Business and Economics.
  6. Frontczak, Robert & Schöbel, Rainer, 2008. "Pricing American options with Mellin transforms," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 319, University of Tübingen, School of Business and Economics.
  7. Frontczak, Robert, 2009. "Valuing options in Heston's stochastic volatility model: Another analytical approach," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 326, University of Tübingen, School of Business and Economics.
  8. Brandes, Julia & Schüle, Tobias, 2007. "IMF's assistance: Devil's kiss or guardian angel?," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 310, University of Tübingen, School of Business and Economics.
  9. Maier, Ramona & Merz, Michael, 2008. "Credibility theory and filter theory in discrete and continuous time," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 318, University of Tübingen, School of Business and Economics.
  10. Rostek, Stefan & Schöbel, Rainer, 2006. "Risk preference based option pricing in a fractional Brownian market," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 299, University of Tübingen, School of Business and Economics.
  11. Hager, Svenja & Schöbel, Rainer, 2006. "Deriving the dependence structure of portfolio credit derivatives using evolutionary algorithms," Tübinger Diskussionsbeiträge, University of Tübingen, School of Business and Economics 300, University of Tübingen, School of Business and Economics.

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