Economic natural selection in Bertrand and Cournot settings

Citation
B. Hehenkamp et al., Economic natural selection in Bertrand and Cournot settings, J EVOL ECON, 9(2), 1999, pp. 211-224
Citations number
20
Categorie Soggetti
Economics
Journal title
JOURNAL OF EVOLUTIONARY ECONOMICS
ISSN journal
09369937 → ACNP
Volume
9
Issue
2
Year of publication
1999
Pages
211 - 224
Database
ISI
SICI code
0936-9937(199904)9:2<211:ENSIBA>2.0.ZU;2-4
Abstract
We study economic natural selection in classical oligopoly settings. When u nderlying pure strategies consist of a finite number of prices, convex mono tonic dynamics always converge under a weak condition of the smallest price in the support of the initial state that exceeds marginal cost. When under lying pure strategies consist of a finite number of quantities, monotonic d ynamics always converge under a specific condition to a quantity equal or s imilar classical Cournot equilibrium.