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 fixed costs. Instead of obtaining the Walrasian outcome...

Consider a society where all agents initially play fair and one agent invents a cheating strategy such as doping in sports. Which factors determine the success of the new cheating strategy? In order to study this question we consider an evolutionary game with local information. Three factors...

We suggest that the propensity for altruistic punishment and reward is an emergent property that has co-evolved with cooperation and has provided efficient feedback measured in social dilemma and public good experiments. A simple cost/benefit analysis at the level of single agents, who...

We use minority game model to investigate evolutionary dynamics in complex networks of adaptive agents competing for limited resources. We show that the dynamics and the associated phase structures critically depend on the underlying network organizations, and evolution is a key mechanism for...