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Evolutionary Games and Equilibrium Selection

Author

Listed:
  • Larry Samuelson

    (Yale University)

Abstract

Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge. Larry Samuelson has been one of the main contributors to the evolutionary game theory literature. In Evolutionary Games and Equilibrium Selection, he examines the interplay between evolutionary game theory and the equilibrium selection problem in noncooperative games. After an overview of the basic issues of game theory and a presentation of the basic models, the book goes on to discuss evolutionary stability, the dynamics of sample paths, the ultimatum game, drift, noise, backward and forward induction, and strict Nash equilibria.

Suggested Citation

  • Larry Samuelson, 1998. "Evolutionary Games and Equilibrium Selection," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692198, April.
    • Handle: RePEc:mtp:titles:0262692198
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    More about this item

    Keywords

    evolutionary game theory; the equilibrium selection problem; noncooperative games;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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