Chapter 6

Stochastic Evolutionary Game Dynamics

Chris Wallace*; H. Peyton Young    * Department of Economics, University of Leicester, Leicester, UK Department of Economics, University of Oxford, Oxford, UK

Abstract

Traditional game theory studies strategic interactions in which the agents make rational decisions. Evolutionary game theory differs in two key respects: the focus is on large populations of individuals who interact at random rather than on small numbers of players; and individuals are assumed to employ simple adaptive rules rather than to engage in perfectly rational behavior. In such a setting, an equilibrium is a rest point of the population-level dynamical process rather than a form of consistency between beliefs and strategies. ...

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