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Doves and hawks in economics revisited [An evolutionary quantum game theory-based analysis of financial crises]

Author

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  • Hanauske, Matthias
  • Kunz, Jennifer
  • Bernius, Steffen
  • König, Wolfgang

Abstract

The last financial and economic crisis demonstrated the dysfunctional long-term effects of aggressive behaviour in financial markets. Yet, evolutionary game theory predicts that under the condition of strategic dependence a certain degree of aggressive behaviour remains within a given population of agents. However, as the consequences of the financial crisis exhibit, it would be desirable to change the 'rules of the game' in a way that prevents the occurrence of any aggressive behaviour and thereby also the danger of market crashes. The paper picks up this aspect. Through the extension of the in literature well-known Hawk-Dove game by a quantum approach, we can show that dependent on entanglement, also evolutionary stable strategies can emerge, which are not predicted by classical evolutionary game theory and where the total economic population uses a non aggressive quantum strategy.

Suggested Citation

  • Hanauske, Matthias & Kunz, Jennifer & Bernius, Steffen & König, Wolfgang, 2009. "Doves and hawks in economics revisited [An evolutionary quantum game theory-based analysis of financial crises]," MPRA Paper 14680, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:14680
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    References listed on IDEAS

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    1. Jamasb, Tooraj & Nillesen, Paul & Pollitt, Michael, 2004. "Strategic behaviour under regulatory benchmarking," Energy Economics, Elsevier, vol. 26(5), pages 825-843, September.
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    5. Kristof De Witte & Rui C. Marques, 2007. "Designing incenttives in local public utilities, an international comparison of the drinking water sector," Working Papers Department of Economics ces0732, KU Leuven, Faculty of Economics and Business, Department of Economics.
    6. Cazals, Catherine & Florens, Jean-Pierre & Simar, Leopold, 2002. "Nonparametric frontier estimation: a robust approach," Journal of Econometrics, Elsevier, vol. 106(1), pages 1-25, January.
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    1. repec:cys:ecocyb:v:50:y:2017:i:1:p:281-302 is not listed on IDEAS

    More about this item

    Keywords

    Evolutionary game theory; financial crisis; hawk-dove game; quantum game theory;

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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