Globally Evolutionarily Stable Portfolio Rules

Globally evolutionarily stable portfolio rules

The paper examines a dynamic model of a financial market with endogenous asset prices determined by short run equilibrium of supply and demand. Assets pay dividends, that are partially consumed and partially reinvested. The traders use fixed-mix investment strategies (portfolio rules), distributing their wealth between assets in fixed proportions. Our main goal is to identify globally evolution...

Is altruism evolutionarily stable

We develop an evolutionary approach to explain altruistic preferences. Given their preferences, individuals interact rationally with each other. By comparing the success of players with different preferences, we investigate whether evolution favors altruistic or selfish attitudes. The outcome depends on whether the individuals' interactions are strategic complements or substitutes. Altruism and...

Evolutionarily stable dispersal strategies.

Using the idea that life-history parameters are subject to natural selection and should approach values that are stable optima, with the population immune to invasion by mutant individuals, we derive an analytic expression for the evolutionarily stable dispersal rate in a stochastic island model with random site extinction. The results provide interesting contrasts between three different optim...

10 Evolutionarily Stable Strategies

In 1973 the biologist John Maynard Smith and the mathematician G. R. Price wrote an article in Nature showing how game theory applies to the behavior of animals (Maynard Smith and Price 1973). Maynard Smith went on to write a book on the subject (Maynard Smith 1982), which has become a classic. The idea of applying game theory to animals, and not just the higher primates, but fish, dung beetles...

Conditional Evolutionarily Stable Strategies