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Axelrod Meets Cournot: Oligopoly and the Evolutionary Metaphor

Dixon, Huw David, Wallis, Steven and Moss, Scott 2002. Axelrod Meets Cournot: Oligopoly and the Evolutionary Metaphor. Computational Economics 20 (3) , pp. 139-156. 10.1023/A:1020922214711

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Abstract

This paper explores the implication of evolutionary models (replicatordynamics) in a simple Cournot duopoly model. A firm type is a linear decisionrule in which the firm's output depends on the other firm's previous output.First we run an Axelrod Tournament between firm types. The champion firm isa near profit-maximizer. Secondly, we allow social evolution to occur usingreplicator dynamics. Here we find that there are very strong forces leadingtowards a collusive or near collusive outcome, so long as there is not toomuch `noise' in the dynamics.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HA Statistics
H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Uncontrolled Keywords: Evolution; Cournot; duopoly; Sectors; Finance, Business & Banking
Publisher: Springer Verlag
ISSN: 0927-7099
Last Modified: 04 Jun 2017 04:25
URI: http://orca.cf.ac.uk/id/eprint/38690

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