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Economic natural selection in Bertrand and Cournot settings

Listed author(s):
  • 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)

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.

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

Volume (Year): 9 (1999)
Issue (Month): 2 ()
Pages: 211-224

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Handle: RePEc:spr:joevec:v:9:y:1999:i:2:p:211-224
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