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Multi-level evolution in games

Author

Listed:
  • Fernando Vega Redondo

    (Instituto Valenciano de Investigaciones Económicas)

  • José Canals Cerdá

    (Federal Reserve Bank of Philadelphia)

Abstract

In this paper, we analyze a generalization of the evolutionary model of Kandori, Mailath, & Rob (1991) where the population is partitioned into disjoint groups and evolution takes place "in parallel" at the following two levels: (i) within groups, at the lower level; among groups, at the higher one. Unlike in their context, efficiency considerations always overcome those of risk-dominance in the process of selecting the long-ron equilibrium in large populations. From a normative viewpoint, this suggests the potential importance of "decentralization", here understood as local and independent interaction.

Suggested Citation

  • Fernando Vega Redondo & José Canals Cerdá, 1992. "Multi-level evolution in games," Working Papers. Serie AD 1992-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasad:1992-10
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