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When will payoff maximization survive? An indirect evolutionary analysis

Listed author(s):
  • Werner G, th


    (Max Planck Institute for Research into Economic Systems, Strategic Interaction Group, Kahlaische Stra, e 10, 07745 Jena)

  • Bezalel Peleg

    (Center for Rationality and Interactive Decision Theory, The Hebrew University of Jerusalem, Feldman Building, Givat Ram, 91904 Jerusalem, Israel)

Survival of payoff maximization is the usual as if-justification for assuming rational economic agents. An indirect evolutionary analysis allows for stimuli which are not directly related to reproductive success although they affect behavior. One first determines the solution for all possible constellations of stimuli, and then the evolutionarily stable stimuli. Our general analysis confirms the special results of former studies that payoff maximization in case of commonly known stimuli requires either that own success does not depend on other's behavior or that other's behavior is not influenced by own stimuli. When stimuli are private information, one can derive similar necessary conditions.

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Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 11 (2001)
Issue (Month): 5 ()
Pages: 479-499

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Handle: RePEc:spr:joevec:v:11:y:2001:i:5:p:479-499
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