Evolutionary Games and Equilibrium Selection

Evolutionary Games and Equilibrium Selection
Author: Larry Samuelson
Publisher: MIT Press
Total Pages: 332
Release: 1997
Genre: Business & Economics
ISBN: 9780262692199

Download Evolutionary Games and Equilibrium Selection Book in PDF, Epub and Kindle

The author examines the interplay between evolutionary game theory and the equilibrium selection problem in noncooperative games. 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 providing an overview of the basic issues of game theory and a presentation of the basic models, the book addresses evolutionary stability, the dynamics of sample paths, the ultimatum game, drift, noise, backward and forward induction, and strict Nash equilibria.

Evolutionary Games and Equilibrium Selection

Evolutionary Games and Equilibrium Selection
Author: Larry Samuelson
Publisher: MIT Press (MA)
Total Pages: 309
Release: 1997
Genre: Business & Economics
ISBN: 9780262193825

Download Evolutionary Games and Equilibrium Selection Book in PDF, Epub and Kindle

"Larry Samuelson is one of the leading figures in the burgeoning field of evolutionary game theory. This book is a careful and lucid exposition of some of the developments in which he has made pioneering contributions." -- Eric S. Maskin, Professor of Economics, Harvard University 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 providing an overview of the basic issues of game theory and a presentation of the basic models, the book addresses evolutionary stability, the dynamics of sample paths, the ultimatum game, drift, noise, backward and forward induction, and strict Nash equilibria.

Evolutionary Game Theory

Evolutionary Game Theory
Author: Jörgen W. Weibull
Publisher: MIT Press
Total Pages: 292
Release: 1997
Genre: Business & Economics
ISBN: 9780262731218

Download Evolutionary Game Theory Book in PDF, Epub and Kindle

Introduces current evolutionary game theory--where ideas from evolutionary biology and rationalistic economics meet--emphasizing the links between static and dynamic approaches and noncooperative game theory. This text introduces current evolutionary game theory--where ideas from evolutionary biology and rationalistic economics meet--emphasizing the links between static and dynamic approaches and noncooperative game theory. Much of the text is devoted to the key concepts of evolutionary stability and replicator dynamics. The former highlights the role of mutations and the latter the mechanisms of selection. Moreover, set-valued static and dynamic stability concepts, as well as processes of social evolution, are discussed. Separate background chapters are devoted to noncooperative game theory and the theory of ordinary differential equations. There are examples throughout as well as individual chapter summaries. Because evolutionary game theory is a fast-moving field that is itself branching out and rapidly evolving, Jörgen Weibull has judiciously focused on clarifying and explaining core elements of the theory in an up-to-date, comprehensive, and self-contained treatment. The result is a text for second-year graduate students in economic theory, other social sciences, and evolutionary biology. The book goes beyond filling the gap between texts by Maynard-Smith and Hofbauer and Sigmund that are currently being used in the field. Evolutionary Game Theory will also serve as an introduction for those embarking on research in this area as well as a reference for those already familiar with the field. Weibull provides an overview of the developments that have taken place in this branch of game theory, discusses the mathematical tools needed to understand the area, describes both the motivation and intuition for the concepts involved, and explains why and how it is relevant to economics.

Fundamentals of Evolutionary Game Theory and its Applications

Fundamentals of Evolutionary Game Theory and its Applications
Author: Jun Tanimoto
Publisher: Springer
Total Pages: 223
Release: 2015-10-23
Genre: Business & Economics
ISBN: 4431549625

Download Fundamentals of Evolutionary Game Theory and its Applications Book in PDF, Epub and Kindle

​This book both summarizes the basic theory of evolutionary games and explains their developing applications, giving special attention to the 2-player, 2-strategy game. This game, usually termed a "2×2 game” in the jargon, has been deemed most important because it makes it possible to posit an archetype framework that can be extended to various applications for engineering, the social sciences, and even pure science fields spanning theoretical biology, physics, economics, politics, and information science. The 2×2 game is in fact one of the hottest issues in the field of statistical physics. The book first shows how the fundamental theory of the 2×2 game, based on so-called replicator dynamics, highlights its potential relation with nonlinear dynamical systems. This analytical approach implies that there is a gap between theoretical and reality-based prognoses observed in social systems of humans as well as in those of animal species. The book explains that this perceived gap is the result of an underlying reciprocity mechanism called social viscosity. As a second major point, the book puts a sharp focus on network reciprocity, one of the five fundamental mechanisms for adding social viscosity to a system and one that has been a great concern for study by statistical physicists in the past decade. The book explains how network reciprocity works for emerging cooperation, and readers can clearly understand the existence of substantial mechanics when the term "network reciprocity" is used. In the latter part of the book, readers will find several interesting examples in which evolutionary game theory is applied. One such example is traffic flow analysis. Traffic flow is one of the subjects that fluid dynamics can deal with, although flowing objects do not comprise a pure fluid but, rather, are a set of many particles. Applying the framework of evolutionary games to realistic traffic flows, the book reveals that social dilemma structures lie behind traffic flow.

Evolutionary Game Dynamics

Evolutionary Game Dynamics
Author: American Mathematical Society. Short Course
Publisher: American Mathematical Soc.
Total Pages: 186
Release: 2011-10-27
Genre: Mathematics
ISBN: 0821853260

Download Evolutionary Game Dynamics Book in PDF, Epub and Kindle

This volume is based on lectures delivered at the 2011 AMS Short Course on Evolutionary Game Dynamics, held January 4-5, 2011 in New Orleans, Louisiana. Evolutionary game theory studies basic types of social interactions in populations of players. It combines the strategic viewpoint of classical game theory (independent rational players trying to outguess each other) with population dynamics (successful strategies increase their frequencies). A substantial part of the appeal of evolutionary game theory comes from its highly diverse applications such as social dilemmas, the evolution of language, or mating behaviour in animals. Moreover, its methods are becoming increasingly popular in computer science, engineering, and control theory. They help to design and control multi-agent systems, often with a large number of agents (for instance, when routing drivers over highway networks or data packets over the Internet). While these fields have traditionally used a top down approach by directly controlling the behaviour of each agent in the system, attention has recently turned to an indirect approach allowing the agents to function independently while providing incentives that lead them to behave in the desired way. Instead of the traditional assumption of equilibrium behaviour, researchers opt increasingly for the evolutionary paradigm and consider the dynamics of behaviour in populations of agents employing simple, myopic decision rules.

Game Equilibrium Models I

Game Equilibrium Models I
Author: Reinhard Selten
Publisher: Springer Science & Business Media
Total Pages: 338
Release: 2013-06-29
Genre: Mathematics
ISBN: 3662026740

Download Game Equilibrium Models I Book in PDF, Epub and Kindle

There are two main approaches towards the phenotypic analysis of frequency dependent natural selection. First, there is the approach of evolutionary game theory, which was introduced in 1973 by John Maynard Smith and George R. Price. In this theory, the dynamical process of natural selection is not modeled explicitly. Instead, the selective forces acting within a population are represented by a fitness function, which is then analysed according to the concept of an evolutionarily stable strategy or ESS. Later on, the static approach of evolutionary game theory has been complemented by a dynamic stability analysis of the replicator equations. Introduced by Peter D. Taylor and Leo B. Jonker in 1978, these equations specify a class of dynamical systems, which provide a simple dynamic description of a selection process. Usually, the investigation of the replicator dynamics centers around a stability analysis of their stationary solutions. Although evolutionary stability and dynamic stability both intend to characterize the long-term outcome of frequency dependent selection, these concepts differ considerably in the 'philosophies' on which they are based. It is therefore not too surprising that they often lead to quite different evolutionary predictions (see, e. g. , Weissing 1983). The present paper intends to illustrate the incongruities between the two approaches towards a phenotypic theory of natural selection. A detailed game theoretical and dynamical analysis is given for a generic class of evolutionary normal form games.

Population Games and Evolutionary Dynamics

Population Games and Evolutionary Dynamics
Author: William H. Sandholm
Publisher: MIT Press
Total Pages: 618
Release: 2010-12-17
Genre: Business & Economics
ISBN: 0262195879

Download Population Games and Evolutionary Dynamics Book in PDF, Epub and Kindle

Evolutionary game theory studies the behaviour of large populations of strategically interacting agents & is used by economists to predict in settings where traditional assumptions about the rationality of agents & knowledge may be inapplicable.

Learning and evolution in games

Learning and evolution in games
Author: Tone Dieckmann
Publisher:
Total Pages: 132
Release: 1995
Genre: Game theory
ISBN:

Download Learning and evolution in games Book in PDF, Epub and Kindle

Multiple-group Games

Multiple-group Games
Author: Philip R. Neary
Publisher:
Total Pages: 181
Release: 2011
Genre: Equilibrium (Economics)
ISBN: 9781124781006

Download Multiple-group Games Book in PDF, Epub and Kindle

Evolutionary game theory is a formal framework which enables one to model how behaviour in large populations might develop. One of the most promising features of evolutionary game theory is that by assuming agents follow simple rules of thumb, equilibria can emerge as the end result of a dynamic process, rather than just as a static, self-enforcing prescription of play. This in turn allows path-dependent predictions to be made on which equilibrium will be reached. The concept of stochastic stability (Foster and Young, 1990), allows a unique equilibrium to be selected if one also accepts that that the above simple rules of thumb are subject to occasional errors. My dissertation consists of four essays discussing various aspects of evolutionary models, in particular focusing on equilibrium selection in a new class of games. Chapter 1 proposes a new class of stage games, Multiple-Group Games (MGG), which extends existing frameworks by allowing more than one type of pairwise interaction. This surprisingly unstudied feature complicates the analysis slightly but is necessary for describing certain settings with large numbers of heterogeneous agents. Chapter 2 studies a particular MGG with two groups, The Language Game, in which all pairs of players potentially interact. In particular it focuses on stochastically stable equilibria when the rules of thumb that players follow are myopic best response, and the manner in which they err is uniform. It is shown that three properties affect equilibrium selection: group size, group payoffs, and rates of response. Chapter 3 looks at The Language Game where all pairs of players are not necessarily connected. It is shown that network architecture immediately affects the set of stochastically stable equilibria. This result seems intuitive and should be contrasted with the homogeneous agent models, in which network structure has no effect on equilibrium selection. Chapter 4, though technically a paper on equilibrium refinements, examines the ways in which players might make mistakes. It places a simple and reasonable constraint on the set of ways that players may err: if strategy A performs worse against the current population behaviour than strategy B, then strategy A is less likely to be played.