A large population of agents play a public goods game. Agents' subjective payoff differs according to their level of altruism. More altruistic agents generate greater positive externality in Nash equilibrium. The strength of institutions determines the extent to which agents can materially...

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...