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Evolution, rationality and equilibrium in games

  • Weibull, Jorgen W.

Evolutionary game theory studies the robustness of strategy profiles and sets of strategy profiles with respect to evolutionary forces in games played repeatedly in large populations of boundedly rational agents. The approach is macro oriented in the sense of focusing on the strategy distribution in the interacting population(s). Some main features of this approach are here outlined, and connections with learning models and standard notions of game-theoretic rationality and equilibrium are discussed. Some desiderata and results for robust long-run predictions are considered.

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Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 42 (1998)
Issue (Month): 3-5 (May)
Pages: 641-649

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Handle: RePEc:eee:eecrev:v:42:y:1998:i:3-5:p:641-649
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  1. Cross, John G, 1973. "A Stochastic Learning Model of Economic Behavior," The Quarterly Journal of Economics, MIT Press, vol. 87(2), pages 239-66, May.
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  8. Karl H. Schlag, . "Why Imitate, and if so, How? A Bounded Rational Approach to Multi- Armed Bandits," ELSE working papers 028, ESRC Centre on Economics Learning and Social Evolution.
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