Submodularity and the evolution of Walrasian behavior
نویسنده
چکیده
Vega-Redondo (1997) showed that imitation leads to the Walrasian outcome in Cournot Oligopoly. We generalize his result to aggregative quasi-submodular games. Examples are the Cournot Oligopoly, Bertrand games with differentiated complementary products, CommonPool Resource games, Rent-Seeking games and generalized Nash-Demand games. JEL-Classifications: C72, D21, D43, L13.
منابع مشابه
Evolution and Walrasian Behavior in Market Games
We revisit the question of price formation in general equilibrium theory. We explore whether evolutionary forces lead to Walrasian equilibrium in the context of a market game, introduced by Shubik (1972). Market games have Pareto inferior (strict) Nash equilibria, in which some, and possibly all, markets are closed. We introduce a strong version of evolutionary stable strategies (SESS) for fini...
متن کاملImitation and the evolution of Walrasian behavior: Theoretically fragile but behaviorally robust
A well-known result by Vega-Redondo implies that in symmetric Cournot oligopoly, imitation leads to the Walrasian outcome where price equals marginal cost. In this paper we show that this result is not robust to the slightest asymmetry in xed costs. Instead of obtaining the Walrasian outcome as unique prediction, every outcome where agents choose identical actions will be played some fraction ...
متن کاملSocial life, evolution of intelligence, behaviour and human brain size
Social life is one of the most critical factors of the evolution of the behavior of non-human primates and humans. Several factors, such as an increase in brain size, adaptive modules, and grooming, are related to the complexities of social groups. Although some scientists have mentioned foraging as a rival hypothesis for the evolution of behavior, in this research, we tried to investigate the ...
متن کاملThe complexities and evolution of the concepts of information and information behavior
Background and Aim: This paper reviews the two major concepts in the field of information behavior (IB), namely "information" and "information seeking." Method: Adocumentary research method and review of the literature were used. Results: The word information is the smallest particle and the most essential element in the area of information behavior. The second one is the phrase "information be...
متن کاملWalrasian's Characterization and a Universal Ascending Auction
We introduce a novel characterization of all Walrasian price vectors in terms of forbidden overand under demanded sets for monotone gross substitute combinatorial auctions. For ascending and descending auctions we suggest a universal framework for finding the minimum or maximum Walrasian price vectors for monotone gross substitute combinatorial auctions. An ascending (descending) auction is gua...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- Int. J. Game Theory
دوره 32 شماره
صفحات -
تاریخ انتشار 2004