Econ 4010 Lecture 34

Econ 4010 Lecture 34 - Evolutionary Game...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
<Lecture 34> Evolutionary Game Theory Many people have attempted to use traditional game theory to analyze economic problems. However, traditional game theory is a "static" theory, which reduces its usefulness in analyzing these very sorts of situations. Evolutionary game theory improves upon traditional game theory by providing a dynamics describing how the situations will change over time. What is novel about evolutionary game theory is that moves are not chosen by rational agents. Instead, agents are typically hard-wired with particular strategies, and success for a strategy is defined in terms of the number of copies that a strategy will leave of itself to play in the games of succeeding generations. The strategies themselves are therefore the players, and the games they play are dynamic rather than static. Dynamic Prisoner's Dilemma . Deny Confess Deny -1, -1 - 9, 0 Confess 0, - 9 -6, -6 In the Prisoner's Dilemma, two men accused of committing a crime together are interrogated separately.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern