Law of the jungle: firm survival and price dynamics in evolutionary markets

Brendan Markey-Towler

Journal of Evolutionary Economics, 2016, vol. 26, issue 3, No 8, 655-696

Abstract: Abstract In this paper I develop a simple, and general model of supply and demand within which almost any theory of consumer and producer behaviour may be integrated by varying parameters. I then investigate the dynamics of this model and its implications for the theory of market evolution, and show that it unifies a number of insights from evolutionary economics. I extend upon these evolutionary theories and also characterise the distribution of prices across the market and investigate its evolution over time.

Keywords: Differential survival and growth; Price theory; Firm strategy; Innovation; Competitive selection (search for similar items in EconPapers)
JEL-codes: C00 D00 D21 D40 D49 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (10)

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DOI: 10.1007/s00191-016-0446-8

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