Chapter

Stochastic Evolution

Fernando Vega‐Redondo

in Evolution, Games, and Economic Behaviour

Published in print September 1996 | ISBN: 9780198774723
Published online November 2003 | e-ISBN: 9780191596971 | DOI: http://dx.doi.org/10.1093/0198774729.003.0005
 Stochastic Evolution

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The chapter introduces noise (conceived as mutation or experimentation) into evolutionary processes. This appears to be particularly well suited to tackle problems of equilibrium selection in games, e.g. in coordination setups. It is also shown to be useful for understanding market behaviour, and the contrast between competitive and oligopolistic competition.

Keywords: coordination; experimentation; mutation; oligopoly; Risk Dominance; selection; Walras Equilibrium

Chapter.  17650 words. 

Subjects: Microeconomics

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