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Economic natural selection in Bertrand and Cournot settings

Author

Listed:
  • Cheng-Zhong Qin

    () (Department of Economics, University of California, Santa Barbara, CA 93106, USA)

  • Burkhard Hehenkamp

    () (Department of Economics, University of Dortmund, D-44221 Dortmund, Germany)

  • Charles Stuart

    () (Department of Economics, University of California, Santa Barbara, CA 93106, USA)

Abstract

We study economic natural selection in classical oligopoly settings. When underlying pure strategies consist of a finite number of prices, convex monotonic dynamics always converge under a weak condition to the smallest price in the support of the initial state that exceeds marginal cost. When underlying pure strategies consist of a finite number of quantities, monotonic dynamics always converge under a specific condition to a quantity equal or similar to classical Cournot equilibrium.

Suggested Citation

  • Cheng-Zhong Qin & Burkhard Hehenkamp & Charles Stuart, 1999. "Economic natural selection in Bertrand and Cournot settings," Journal of Evolutionary Economics, Springer, vol. 9(2), pages 211-224.
  • Handle: RePEc:spr:joevec:v:9:y:1999:i:2:p:211-224
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    Citations

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    Cited by:

    1. Xiao, Tiaojun & Yu, Gang, 2006. "Supply chain disruption management and evolutionarily stable strategies of retailers in the quantity-setting duopoly situation with homogeneous goods," European Journal of Operational Research, Elsevier, vol. 173(2), pages 648-668, September.
    2. Hehenkamp, Burkhard, 2002. "Sluggish Consumers: An Evolutionary Solution to the Bertrand Paradox," Games and Economic Behavior, Elsevier, vol. 40(1), pages 44-76, July.
    3. Massimo A. De Francesco, 2001. "On stability of Bertrand-Nash equilibrium in a simple model of the labour market," Economics Bulletin, AccessEcon, vol. 3(19), pages 1-10.

    More about this item

    Keywords

    Oligopoly ; Bertrand equilibrium ; Cournot equilibrium ; Natural selection ; Evolutionary games;

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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