The Evolution of Walrasian Behavior
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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Volume (Year): 65 (1997)
Issue (Month): 2 (March)
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