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Evolutionary Equilibria in Network Markets

Thomas J. Webster ()
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Thomas J. Webster: Pace University

Atlantic Economic Journal, 2016, vol. 44, issue 3, 325-334

Abstract: Abstract Evolutionary game theory predicts that new survival strategies arise from random mutations. Over time, mutants genetically encoded with the superior survival strategy will have more offspring and nonmutants will be driven from the population. This paper argues that the introduction of a mutant technology with strong positive feedback and cascade effects into the market for a network good may result in something like an evolutionarily stable equilibrium that increases social welfare.

Keywords: Evolutionary equilibrium; Game theory; Herding; Network goods; Positive feedback effects; C73; D49; L14 (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:kap:atlecj:v:44:y:2016:i:3:d:10.1007_s11293-016-9503-9