Strategy24Handout - Evolutionary Game Theory Darwin's...

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

View Full Document Right Arrow Icon
12/4/2008 1 Evolutionary Game Theory ± Darwin’s Origin of Species explained evolution of organisms ± Certain members of a species are better adapted to their environment (more fit) ± The traits that make those members more fit are embedded in genes ± More fit members are better able to reproduce, ensuring their offspring are better-represented in future generations ± Their traits are passed to their offspring through the genes Evolutionary Game Theory ± Genetic mutations allow for new variant members of the species to arise ± Most mutants are not viable and die ± Occasionally, a mutant will be more fit than other members of the species, and it’s traits will be incorporated in future generations ± Game theory helped biologists understand evolution of species and their traits ± Evolutionary biologists helped game theorists understand evolution of strategies and behaviors Evolutionary Game Theory ± We depart from assumptions of rationality ± Agents are “hard-wired” to play games in specific ways ± Genetics or socialization ± Genes are the basis of selection ± Alternately, agents are governed by “bounded rationality” ± Slowly learn good strategies via experience ± Strategies themselves are the basis of selection Evolutionary Game Theory ± We assume some Darwinian dynamic in a population of strategies ± Proportion of High-payoff strategies increase over time ± Proportion of Low-payoff strategies decrease over time Hawk-Dove Game ±
Background image of page 1

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

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

Page1 / 4

Strategy24Handout - Evolutionary Game Theory Darwin's...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online