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Nash Equilibrium and the Evolution of Preferences

  • Ely, Jeffrey C.
  • Yilankaya, Okan

A population of players of players is randomly matched to play a normal form game G. The payoffs in this game represent the fitness associated with the various outcomes. Each individual has preferences over the outcomes in the game and chooses an optimal action with respect to those preferences. However, these preferences needn't coincide withe the fitness payoffs. When evolution selects individuals on the basis of the fitness of the actions they choose, the distribution of aggregate play must be a Nash equilibrium of G. Weak additional assumptions on the evolutionary process imply perfect equilibrium.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 97 (2001)
Issue (Month): 2 (April)
Pages: 255-272

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Handle: RePEc:eee:jetheo:v:97:y:2001:i:2:p:255-272
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  1. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September.
  2. Binmore Kenneth G. & Samuelson Larry & Vaughan Richard, 1995. "Musical Chairs: Modeling Noisy Evolution," Games and Economic Behavior, Elsevier, vol. 11(1), pages 1-35, October.
  3. Arthur J Robson & Fernando Vega-Redondo, 1999. "Efficient Equilibrium Selection in Evolutionary Games with Random Matching," Levine's Working Paper Archive 2112, David K. Levine.
  4. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
  5. Binmore, Ken & Samuelson, Larry, 1997. "Muddling Through: Noisy Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 74(2), pages 235-265, June.
  6. Robson, Arthur J., 1996. "A Biological Basis for Expected and Non-expected Utility," Journal of Economic Theory, Elsevier, vol. 68(2), pages 397-424, February.
  7. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
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