Submodularity and the Evolution of Walrasian Behavior
Posted: 27 Jul 2004
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Abstract
Vega-Redondo (1997) showed that imitation leads to the Walrasian outcome in Cournot Oligopoly. We generalize his result to aggregative quasi-submodular games. Examples are the Cournot Oligopoly, Bertrand games with differentiated complementary products, Common-Pool Resource games, Rent-Seeking games and generalized Nash-Demand games.
Keywords: Imitation, aggregate-taking strategy, price-taking behavior, stochastic stability
JEL Classification: C72, D21, D43, L13
Suggested Citation: Suggested Citation
Schipper, Burkhard C., Submodularity and the Evolution of Walrasian Behavior. Available at SSRN: https://ssrn.com/abstract=568863
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