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Any function from a non-empty polytope into itself that is locally gross direction preserving is shown to have the fixed point property. Brouwer's fixed point theorem for continuous functions is a special case. We discuss the application of the result in the area of non-cooperative game theory.
Persistent link: https://www.econbiz.de/10011342557
well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash equilibrium, are special … Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a … symmetric proper equilibrium. Applying our results to the field of evolutionary game theory yields a refinement of the …
Persistent link: https://www.econbiz.de/10011327822
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
create an actual selective advantage for a second mutant. Such stepping stone paths out of equilibrium generally exist both … equilibrium exist, they could still be rare compared to the size of the strategy space. Simulations however suggest that they are … equilibrium to equilibrium through a series of indirect invasions. Instability does not mean we cannot draw qualitative …
Persistent link: https://www.econbiz.de/10011380148
in low payoff states. A clear-cut equilibrium selection result isobtained: the payoff dominant equilibrium emerges as the … unique long runequilibrium. Furthermore, the expected waiting time until the payoffdominant equilibrium is reached is …
Persistent link: https://www.econbiz.de/10011302143
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
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
Persistent link: https://www.econbiz.de/10010191416
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...
Persistent link: https://www.econbiz.de/10012167331
This paper proposes and applies a formal theoretical model of an automatic (prosocial and antisocial) caring mechanism: the informational affective tie mechanism (iATM) model. Novel in the formalization is the factoring in of information extraction concerning the behavioral type of agents...
Persistent link: https://www.econbiz.de/10012424657