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economists also show a growing interest in the application of evolutionary game theory. This paper discusses the main concepts of … evolutionary game theory and their applicability to economic issues. Whereas traditional game theory focusses on the static Nash … equilibria as the possible outcomes of the game, evolutionary game theory teaches us to model explictly the behavior of …
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In repeated games there is in general a large set of equilibria. We also know that in the repeated prisoners dilemma there is a profusion of neutrally stable strategies, but no strategy that is evolutionarily stable. This paper investigates whether and how neutrally stable strategies can be...
Persistent link: https://www.econbiz.de/10011350373
The likelihood of cancer emergence is highly dependent on the underlying tissue structure. This article gives evolutionary explanations for why natural selection fails to select for tissue structures that would minimize the likelihood of cancer. In a second step, a mathematical framework is...
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firms survive and others do not than does neoclassical economics. At the heart of the evolutionary theory isthe view that …
Persistent link: https://www.econbiz.de/10010533203
Traditional finance is built on the rationality paradigm. This chapter discusses simple models from an alternative approach in which financial markets are viewed as complex evolutionary systems. Agents are boundedly rational and base their investment decisions upon market forecasting heuristics....
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Recent advances in evolutionary theory have important implications for environmental economics. A short overview is …
Persistent link: https://www.econbiz.de/10011300568