"Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge."
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Academics from the United StatesEducators from the United StatesEconomists from the United StatesYale University faculty
Original Language: English
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Larry Samuelson. Evolutionary Games and Equilibrium Selection. 1997. Overview.
https://en.wikiquote.org/wiki/Larry_Samuelson
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Larry Samuelson
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