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Persistent link: https://www.econbiz.de/10005766659
The assumption that decision makers choose actions to maximize their preferences is a central tenet in economics. This assumption is often justi…ed either formally or informally by appealing to evolutionary arguments. In contrast, we show that in almost every game and for almost every family...
Persistent link: https://www.econbiz.de/10005588361
This paper develops a general methodology for characterizing the dynamic evolution of preferences in a wide class of strategic interactions. We give simple conditions characterizing the limiting distribution of preferences in general games, and apply our results to study the evolutionary...
Persistent link: https://www.econbiz.de/10005588515