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Evolution and sub-optimal behaviour

Lookup NU author(s): Professor Ian Dobbs, Dr Iain Molho

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Abstract

The apparently sub-optimal behaviour of economic agents in games against nature can be seen as a natural outcome of evolutionary processes. This paper extends previous work on the evolutionary stability of sub-optimal adaptations by examining how stability is affected by the introduction of multiple traits and assortative mating. It is shown that increasing the number of traits tends to increase the scope for stable second best adaptations whilst assortative mating reduces it. Various economic applications are discussed.

Publication metadata

Author(s): Dobbs IM; Molho I

Publication type: Article

Publication status: Published

Journal: Journal of Evolutionary Economics

Year: 1999

Volume: 9

Issue: 2

Pages: 187-209

Print publication date: 01/01/1999

ISSN (print): 1432-1386

ISSN (electronic): 0936-9937

Publisher: Springer-Verlag

URL: http://dx.doi.org/10.1007/s001910050080

DOI: 10.1007/s001910050080

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