Borkar, Vivek S. ; Jain, Sanjay ; Rangarajan, Govindan (1999) Evolutionary games with two timescales Physica D: Nonlinear Phenomena, 125 (1-2). pp. 155-166. ISSN 0167-2789
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Official URL: http://www.sciencedirect.com/science/article/pii/S...
Related URL: http://dx.doi.org/10.1016/S0167-2789(98)00239-5
Abstract
We consider a two timescale model of learning by economic agents wherein active or 'ontogenetic' learning by individuals takes place on a fast scale and passive or 'phylogenetic' learning by society as a whole on a slow scale, each affecting the evolution of the other. The former is modelled by the Monte Carlo dynamics of physics, while the latter is modelled by the replicator dynamics of evolutionary biology. Various quanlitative aspects of the dynamics are studied in some simple cases, both analytically and numerically, and its role as a useful modelling device is emphasized.
| Item Type: | Article |
|---|---|
| Source: | Copyright of this article belongs to Elsevier Science. |
| Keywords: | Evolutionary Games; Monte Carlo Dynamics; Replicator Dynamics; Singularly Perturbed Differential Equations |
| ID Code: | 73201 |
| Deposited On: | 02 Dec 2011 09:45 |
| Last Modified: | 12 Jul 2012 06:55 |
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