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I show that aggregate-taking behavior is often evolutionarily stable for finite populations in symmetric games in which payoff depends only on own strategy and an aggregate. I provide economic examples exhibiting this phenomenon.
Persistent link: https://www.econbiz.de/10005642214
Tullock's analysis of rent-seeking as a contest is reconsidered from an evolutionary point of view. We show that evolutionary stable behavior in a Tullock contest exists and differs from behavior in Nash equilibrium. Evolutionary stable behavior in these contests is robust in a strong sense and...
Persistent link: https://www.econbiz.de/10005642215