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Industry evolution : diversity, selection and the role of learning

Audretsch, David B.; Houweling, Patrick; Thurik, Adriaan R. - 1998

The purpose of this paper is to show how institutional and evolutionary economics provide better insights as to whysome firms survive and others do not than does neoclassical economics. At the heart of the evolutionary theory isthe view that new firms are a manifestation of diversity and that...

Persistent link: https://www.econbiz.de/10010533203

Equilibrium selection under different learning modes in supermodular games

Kaarbøe, Oddvar M.; Tieman, Alexander F. - 1999

We apply the dynamic stochastic framework proposed by recent evolutionaryliterature to the class of strict supermodular games when two simplebehavior rules coexist in the population, imitation and myopic optimization.We assume that myopic optimizers are able to see how well their payoff...

Persistent link: https://www.econbiz.de/10011302143

Learning, forecasting and optimizing : an experimental study

Te, Bao; Duffy, John; Hommes, Cars H. - 2012

Persistent link: https://www.econbiz.de/10010191021

Estimating structural parameters in regression models with adaptive learning

Christopeit, Norbert; Massmann, Michael - 2013

Persistent link: https://www.econbiz.de/10010191331

From self-fulfilling mistakes to behavioral learning equilibria

Hommes, Cars H. - 2017

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

Persistent link: https://www.econbiz.de/10011590425

A multi-criteria portfolio analysis of hedge fund strategies

Allen, David E.; McAleer, Michael; Singh, Abhay Kumar - 2017

This paper features a tri-criteria analysis of Eurekahedge fund data strategy index data. We use nine Eurekahedge equally weighted main strategy indices for the portfolio analysis. The tri-criteria analysis features three objectives: return, risk and dispersion of risk objectives in a...

Persistent link: https://www.econbiz.de/10011587620

In and out of equilibrium : evolution of strategies in repeated games with discounting

Veelen, Matthijs van; García, Julián - 2010

Repeated games tend to have large sets 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 shows that for all of these neutrally stable strategies there is a stepping...

Persistent link: https://www.econbiz.de/10011380148

The role and evolution of central authorities

Frijters, Paul; Tieman, Alexander F. - 1999

In this paper we argue that authorities aid cooperation by means ofdirect coordination or the enforcement of re-commitment devices suchas contract laws.Credible threats of violence allow this role. In alocal interaction model, an authority forms if mutually connected individuals with sufficient...

Persistent link: https://www.econbiz.de/10011302150

An environmental-economic assessment of genetic modification of agricultural crops

Bergh, Jeroen C. J. M. van den; Holley, Justin M. - 2001

The advantages and disadvantages of genetic modification of organisms in agriculture are reviewed. These relate to the environment, human health, socio-economic effects, population growth, and differential consequences for developed and developing countries. An overall evaluation requires that...

Persistent link: https://www.econbiz.de/10011316889

Strategies and evolution in the minority game : a multi-round strategy experiment

Linde, Jona; Sonnemans, Joep; Tuinstra, Jan - 2013

Persistent link: https://www.econbiz.de/10010191416