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The Evolution of Walrasian Behavior

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  • Fernando Vega-Redondo
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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
    • Handle: RePEc:ecm:emetrp:v:65:y:1997:i:2:p:375-384
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