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Two agents possess the fishing rights to a lake. Each period they have two options, to catch without restraint, e.g., to use a fine-mazed net, or to catch with some restraint, e.g., to use a wide-mazed net. The use of a fine-mazed net always yields a higher immediate catch than the alternative....
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Agents interacting on a body of water choose between technologies to catch …fish. One is harmless to the resource, as it allows full recovery; the other yields high immediate catches, but low(er) future catches.… Strategic interaction in one 'objective' resource game may induce………………...
Persistent link: https://www.econbiz.de/10009147500
We introduce a stochastic game in which transition probabilities depend on the history of the play, i.e., the players’ past action choices. To solve this new type of game under the limiting average reward criterion, we determine the set of jointly-convergent pure-strategy rewards which can be...
Persistent link: https://www.econbiz.de/10008805389
We tackle three components of evolutionary modelling: payoffs, dynamical systems and equilibrium concepts. Firstly, we merely require that fitness functions are continuous. Secondly, we examine very general classes of dynamics. Thirdly, we give useful parallels to the Nash equilibrium and the...
Persistent link: https://www.econbiz.de/10005622478
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