Evolution and market behaviour

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Project objective

In recent years the assumption of perfect rationality of economic agents has been severely criticised: in particular, a big contribution came from the theory of evolutionary games. I believe that market games provide an ideal framework for evolutionary modelling. However within the recent bounded rationality literature, this field has not yet been explored. What I am planning to do is to extend results in evolutionary games and apply them to marke games. I will examine: the emergence of a particular market structure; the performance of ration behaviour and irrational rules; adaptive behaviour and mutation. Expected results are: the failure of traditional competitive models to describe actual market behaviour and the formalisation of a new market model based on the evolutionary approach. The topic is extremely relevant to European common industrial and commercial policies: my research can cast light on the drawbacks of the present international markets' structure.

Original text from CORDIS.

Participants

• University of Cambridge · CambridgeCoordinatorUnited Kingdom
• Not availableCity levelItaly

Links

• View on CORDIS