Submodularity and the Evolution of Walrasian Behavior

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, Common- Pool Resource games, Rent-Seeking games and generalized Nash-Demand games.

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Year of publication:	2002
Publisher:	Bonn : University of Bonn, Bonn Graduate School of Economics (BGSE)
Subject:	Oligopol \| Nichtkooperatives Spiel \| Allgemeines Gleichgewicht \| Evolutionsökonomik \| Theorie \| imitation \| price-taking behavior \| lattice theory \| stochastic stability

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Series:	Bonn Econ Discussion Papers ; 4/2003
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	374459479 [GVK] hdl:10419/22832 [Handle] RePEc:zbw:bonedp:42003 [RePEc]
Classification:	C72 - Noncooperative Games ; D21 - Firm Behavior ; L13 - Oligopoly and Other Imperfect Markets ; D43 - Oligopoly and Other Forms of Market Imperfection
Source:	EconStor

Persistent link: https://www.econbiz.de/10010263058