On the Equivalence of Nash and Evolutionary Equilibrium in Finite Populations
This paper provides sufficient and partially necessary conditions for the equivalence of Nash and evolutionary equilibrium in symmetric games played by finite populations. The focus is on symmetric equilibria in pure strategies. The conditions are based on properties of the payoff function that generalize the constant-sum property and the ”smallness” property, the latter of which is known from models of perfect competition and non-atomic, anonymous, or large games. The conditions are illustrated on examples of Bertrand and Cournot oligopoly games.
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|Date of creation:||Apr 2008|
|Date of revision:|
|Contact details of provider:|| Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD|
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- Ana B. Ania, 2005.
"Evolutionary stability and Nash equilibrium in finite populations, with an application to price competition,"
Vienna Economics Papers
0601, University of Vienna, Department of Economics.
- Ania, Ana B., 2008. "Evolutionary stability and Nash equilibrium in finite populations, with an application to price competition," Journal of Economic Behavior & Organization, Elsevier, vol. 65(3-4), pages 472-488, March.
- Schaffer, Mark E., 1989. "Are profit-maximisers the best survivors? : A Darwinian model of economic natural selection," Journal of Economic Behavior & Organization, Elsevier, vol. 12(1), pages 29-45, August.
- Vega-Redondo, Fernando (ed.), 1996. "Evolution, Games, and Economic Behaviour," OUP Catalogue, Oxford University Press, number 9780198774723, June.
- Burkhard Hehenkamp & Wolfgang Leininger & Alex Possajennikov, 2003.
"Evolutionary Equilibrium in Tullock Contests: Spite and Overdissipation,"
Discussion Papers in Economics
03_01, University of Dortmund, Department of Economics.
- Hehenkamp, B. & Leininger, W. & Possajennikov, A., 2004. "Evolutionary equilibrium in Tullock contests: spite and overdissipation," European Journal of Political Economy, Elsevier, vol. 20(4), pages 1045-1057, November.
- Tanaka, Yasuhito, 2000. "Stochastically stable states in an oligopoly with differentiated goods: equivalence of price and quantity strategies," Journal of Mathematical Economics, Elsevier, vol. 34(2), pages 235-253, October.
- Carlos Alós-Ferrer & Ana B. Ania, 2003.
"The Asset Market Game,"
Vienna Economics Papers
0320, University of Vienna, Department of Economics.
- Carlos Alós-Ferrer & Ana Ania, 2005. "The evolutionary stability of perfectly competitive behavior," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(3), pages 497-516, October.
- Fernando Vega-Redondo, 1997.
"The Evolution of Walrasian Behavior,"
Econometric Society, vol. 65(2), pages 375-384, March.
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