TY - JOUR
T1 - An application of the continuous time replicator dynamic to economics
AU - Aiyoshi, Eitaro
AU - Horie, Ryota
AU - Maki, Atsushi
PY - 2002/5/10
Y1 - 2002/5/10
N2 - The present analysis is an application of the continuous time replicator dynamic to economics. Three types of problems are considered under conditions of a normalized constraint and non-negative constrains. The story of the following models is as follows. There are three or more corporations in a market. They behave so as to maximize their profits defined by the difference between their sales and cost functions with conjectural variations. In economics, there are many models concerning conjectural variation and Nash equilibrium. The present approach may be useful to examine the process of reaching equilibrium.
AB - The present analysis is an application of the continuous time replicator dynamic to economics. Three types of problems are considered under conditions of a normalized constraint and non-negative constrains. The story of the following models is as follows. There are three or more corporations in a market. They behave so as to maximize their profits defined by the difference between their sales and cost functions with conjectural variations. In economics, there are many models concerning conjectural variation and Nash equilibrium. The present approach may be useful to examine the process of reaching equilibrium.
KW - Conjectural variation
KW - Replicator dynamic
KW - Runge-Kutta method
UR - http://www.scopus.com/inward/record.url?scp=0037052692&partnerID=8YFLogxK
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U2 - 10.1016/S0378-4754(01)00398-6
DO - 10.1016/S0378-4754(01)00398-6
M3 - Conference article
AN - SCOPUS:0037052692
SN - 0378-4754
VL - 59
SP - 105
EP - 113
JO - Mathematics and Computers in Simulation
JF - Mathematics and Computers in Simulation
IS - 1-3
ER -