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Evolutionary Game Theory and Economics. Part 1. Optimality Principles and Models of Behavior Dynamics

Author

Listed:
  • Vasin, A.

    (The Lomonosov Moscow State University, Moscow, Russia)

Abstract

The paper discusses basic concepts of the evolutionary game theory and provides a survey of the most important applications to modeling of economic behavior. We expound the foundation for application of the Nash equilibrium concept to agents with bounded rationality and incomplete information. We discuss models of formation of payoff functions, or evolution of preferences.

Suggested Citation

  • Vasin, A., 2009. "Evolutionary Game Theory and Economics. Part 1. Optimality Principles and Models of Behavior Dynamics," Journal of the New Economic Association, New Economic Association, issue 3-4, pages 10-27.
    • Handle: RePEc:nea:journl:y:2009:i:3-4:p:10-27
    as

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    References listed on IDEAS

    as
    1. Samuelson, L., 1989. "Evolutionnary Stability In Asymmetric Games," Papers 11-8-2, Pennsylvania State - Department of Economics.
    2. Schaffer, Mark E., 1989. "Are profit-maximisers the best survivors? : A Darwinian model of economic natural selection," Journal of Economic Behavior & Organization, Elsevier, vol. 12(1), pages 29-45, August.
    3. Ok, Efe A. & Vega-Redondo, Fernando, 2001. "On the Evolution of Individualistic Preferences: An Incomplete Information Scenario," Journal of Economic Theory, Elsevier, vol. 97(2), pages 231-254, April.
    4. Samuelson, Larry & Zhang, Jianbo, 1992. "Evolutionary stability in asymmetric games," Journal of Economic Theory, Elsevier, vol. 57(2), pages 363-391, August.
    5. Myles,Gareth D., 1995. "Public Economics," Cambridge Books, Cambridge University Press, number 9780521497695, September.
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    More about this item

    Keywords

    Evolutionary stable strategy; replicator dynamics; adaptive dynamics;
    All these keywords.

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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