Stochastic evolutionary cartel formation
This paper employs the evolutionary dynamics driven by the Moran process (a special birth-death process) to investigate endogenous cartel formation from the perspective of stochastic evolution of the underlying industry. A Prisoner’s Dilemma game is derived based on the Cournot competition between a...
Main Authors: | , |
---|---|
Format: | Article |
Language: | English |
Published: |
General Association of Economists from Romania
2014-01-01
|
Series: | Theoretical and Applied Economics |
Subjects: | |
Online Access: |
http://store.ectap.ro/articole/939.pdf
|