The paper analyzes the notion of an unbeatable strategy as a game solution concept. A general framework (game with relative preferences) suitable for the analysis of this concept is proposed. Basic facts regarding unbeatable strategies are presented and a number of examples and applications...

The paper models evolution in pecunia—in the realm of finance. Financial markets are explored as evolving biological systems. Investors pursuing diverse investment strategies compete for the market capital. Some `survive' and some `become extinct.' A central goal is to identify evolutionary...

This paper analyzes a dynamic stochastic equilibrium model of an asset market based on behavioral and evolutionary principles. The core of the model is a non-traditional game-theoretic framework combining elements of stochastic dynamic games and evolutionary game theory. Its key characteristic...