The evolution of walrasian behavior

Fernando Vega Redondo
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Fernando Vega Redondo: Instituto Valenciano de Investigaciones Económicas
Authors registered in the RePEc Author Service: Fernando Vega-Redondo

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: Consider an evolutionary context where a given number of quantity-setting oligopolists tend to mimic successful behavior, occasionally experimenting with some small probability. In this context, it is shown that the unique long-run outcome of the process has all firms playing Walrasian, i.e., choosing an output that maximizes profits when taking the market-clearing price as given.

Keywords: Walrasian; evolution; coumot; mutation; imitation (search for similar items in EconPapers)
Pages: 20 pages
Date: 1996-01
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Citations: View citations in EconPapers (2)

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http://www.ivie.es/downloads/docs/wpasad/wpasad-1996-05.pdf Fisrt version / Primera version, 1996 (application/pdf)

Related works:
Journal Article: The Evolution of Walrasian Behavior (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:1996-05

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