Evolutionary game theory: an exposition

Purpose – This article aims to provide an exposition of evolutionary game theory which can be used for pedagogical purposes. Design/methodology/approach – The exposition is presented as a mathematical model in order to cover the formal underpinnings of evolutionary game theory. The paper aims to illustrate the theory using some simple examples. Findings – The paper discusses population games and describes the notion of revision protocols that agents use to change strategies. As an example of an evolutionary dynamic, the paper discusses the replicator dynamic in detail. It shows convergence of this dynamic to Nash equilibrium in simple 2 strategy games. The paper then applies this dynamic to a particular class of 3 strategy games to establish the possibility on cyclical behavior around a Nash equilibrium. Originality/value – The paper can serve as an educational briefing for students and researchers who are new to the field of evolutionary game theory.