In the experimental scenario several agents repeatedly invest in n (n _ 2)state-specic assets. The evolutionarily stable and equilibrium (Blume andEasley, 1992) portfolio for this situation requires to distribute funds accordingto the constant probabilities of the various states. The dierent...

In this note we establish that rational demand expectations willtypically not evolve in an evolutionary model. In an evolutionarymodel beliefs act like a commitment device to more aggressive be-havior. This commitment effect has the same direction for strategicsubstitutes and complements and...