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Evolutionary Games and Equilibrium Selection

Author

Listed:
  • Larry Samuelson

    () (Yale University)

Abstract

Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge. Larry Samuelson has been one of the main contributors to the evolutionary game theory literature. In Evolutionary Games and Equilibrium Selection, he examines the interplay between evolutionary game theory and the equilibrium selection problem in noncooperative games. After an overview of the basic issues of game theory and a presentation of the basic models, the book goes on to discuss evolutionary stability, the dynamics of sample paths, the ultimatum game, drift, noise, backward and forward induction, and strict Nash equilibria.

Suggested Citation

  • Larry Samuelson, 1998. "Evolutionary Games and Equilibrium Selection," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692198, January.
  • Handle: RePEc:mtp:titles:0262692198
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    Citations

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    Cited by:

    1. Veller, Carl & Hayward, Laura K., 2016. "Finite-population evolution with rare mutations in asymmetric games," Journal of Economic Theory, Elsevier, vol. 162(C), pages 93-113.
    2. Drew Fudenberg, 2006. "Advancing Beyond Advances in Behavioral Economics," Journal of Economic Literature, American Economic Association, vol. 44(3), pages 694-711, September.
    3. repec:wsi:acsxxx:v:06:y:2003:i:02:n:s0219525903000815 is not listed on IDEAS
    4. Kyle Hyndman & Antoine Terracol & Jonathan Vaksmann, 2009. "Learning and sophistication in coordination games," Experimental Economics, Springer;Economic Science Association, vol. 12(4), pages 450-472, December.
    5. Berger, Ulrich & Grüne, Ansgar, 2016. "On the stability of cooperation under indirect reciprocity with first-order information," Games and Economic Behavior, Elsevier, vol. 98(C), pages 19-33.
    6. Villani, Salvatore, 2008. "L’emergenza dei tre lustri, la salma contesa e il gioco dell’Ultimatum. Alcune riflessioni sui problemi che caratterizzano le decisioni pubbliche in Italia
      [The 15-years-long emergency, the burial-
      ," MPRA Paper 29857, University Library of Munich, Germany, revised 14 Sep 2008.
    7. Jiong Gong & R. Preston McAfee & Michael A. Williams, 2016. "Fraud Cycles," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 172(3), pages 544-572, September.
    8. Derek Yonai, 2007. "Conceptions of property rights and norms," Constitutional Political Economy, Springer, vol. 18(3), pages 161-176, September.
    9. Huw Dixon & Ernesto Somma, "undated". "Coordination and Equilibrium selection in mean defined supermodular games under payoff monotonic selection dynamics," Discussion Papers 99/37, Department of Economics, University of York.
    10. J. Doyne Farmer, 2002. "Market force, ecology and evolution," Industrial and Corporate Change, Oxford University Press, vol. 11(5), pages 895-953, November.
    11. Engseld, Peter, 2005. "Conditioned Actions in Strategic Coordination Games," Working Papers 2005:33, Lund University, Department of Economics.
    12. repec:eee:thpobi:v:81:y:2012:i:1:p:69-80 is not listed on IDEAS
    13. Engseld, Peter & Bergh, Andreas, 2005. "Choosing Opponents in Prisoners' Dilemma: An Evolutionary Analysis," Working Papers 2005:45, Lund University, Department of Economics.
    14. Uriarte, Jose Ramon, 2007. "A behavioural foundation for models of evolutionary drift," Journal of Economic Behavior & Organization, Elsevier, vol. 63(3), pages 497-513, July.
    15. Keith Acheson, 2001. "Disciplined stories in the governance of the New Institutional Economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 7(3), pages 341-371.
    16. Anastasios Xepapadeas & Yannis Petrohilos-Andrianos, "undated". "On the Evolution of Compliance and Regulation with Tax Evading Agents," DEOS Working Papers 1325, Athens University of Economics and Business.
    17. Friesz, Terry L. & Kim, Taeil & Kwon, Changhyun & Rigdon, Matthew A., 2011. "Approximate network loading and dual-time-scale dynamic user equilibrium," Transportation Research Part B: Methodological, Elsevier, vol. 45(1), pages 176-207, January.

    More about this item

    Keywords

    evolutionary game theory; the equilibrium selection problem; noncooperative games;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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