The evolution of walrasian behavior
Consider an evolutionary context where a given number of quantity-setting oligopolists tend to mimic successful behavior, occasionally experimenting with some small probability. In this context, it is shown that the unique long-run outcome of the process has all firms playing Walrasian, i.e., choosing an output that maximizes profits when taking the market-clearing price as given.
|Date of creation:||Jan 1996|
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|Publication status:||Published by Ivie|
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