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The evolution of walrasian behavior

Author

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  • Fernando Vega Redondo

    (Instituto Valenciano de Investigaciones Económicas)

Abstract

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.

Suggested Citation

  • Fernando Vega Redondo, 1996. "The evolution of walrasian behavior," Working Papers. Serie AD 1996-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasad:1996-05
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    File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1996-05.pdf
    File Function: Fisrt version / Primera version, 1996
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    Keywords

    Walrasian; evolution; coumot; mutation; imitation;

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