Physics – Condensed Matter
Scientific paper
1998-04-30
Complexity, Vol. 3, No. 3, 50-56 (1998)
Physics
Condensed Matter
13 pages, Latex
Scientific paper
We discuss a model of an economic community consisting of $N$ interacting agents. The state of each agent at any time is characterized, in general, by a mixed strategy profile drawn from a space of $s$ pure strategies. The community evolves as agents update their strategy profiles in response to payoffs received from other agents. The evolution equation is a generalization of the replicator equation. We argue that when $N$ is sufficiently large and the payoff matrix elements satisfy suitable inequalities, the community evolves to retain the full diversity of available strategies even as individual agents specialize to pure strategies.
Borkar Vivek S.
Jain Sanjay
Rangarajan Govindan
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