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Economic agents are not always rational or farsighted and can make decisions according to simple behavioral rules that vary according to situation and can be studied using the tools of evolutionary game theory. Furthermore, such behavioral rules are themselves subject to evolutionary forces....
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In this article, a class of mean-field-type games with discrete-continuous state spaces is considered. We establish Bellman systems which provide sufficiency conditions for mean-field-type equilibria in state-and-mean-field-type feedback form. We then derive unnormalized master adjoint systems...
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We present two new notions of evolutionary stability, the trulyevolutionarily stable state (TESS) and the generalized evolutionarilystable equilibrium (GESE). The GESE generalizes the evolutionar-ily stable equilibrium (ESE) of Joosten [1996]. An ESE attracts allnearby trajectories...
Persistent link: https://www.econbiz.de/10009022153
Using examples for each type of model, we consider dynamic games, differential games, and simulation as alternative ways of extending the standard static economic model of conflict to study patterns of conflict dynamics. It turns out that computational requirements and theoretical difficulties...
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When a strategic situation arises repeatedly, the possibility arises that equilibrium predictions can be justified by a dynamic adjustment process. We examine myopic adjustment dynamics, a class that includes replicator dynamics from evolutionary game theory, simple models of imitation, models...
Persistent link: https://www.econbiz.de/10012235814