Hanauske, Matthias and Kunz, Jennifer and Bernius, Steffen and König, Wolfgang (2009): Doves and hawks in economics revisited [An evolutionary quantum game theory-based analysis of financial crises].
Download (5MB) | Preview
The last financial and economic crisis demonstrated the dysfunctional long-term effects of aggressive behaviour in financial markets. Yet, evolutionary game theory predicts that under the condition of strategic dependence a certain degree of aggressive behaviour remains within a given population of agents. However, as the consequences of the financial crisis exhibit, it would be desirable to change the 'rules of the game' in a way that prevents the occurrence of any aggressive behaviour and thereby also the danger of market crashes. The paper picks up this aspect. Through the extension of the in literature well-known Hawk-Dove game by a quantum approach, we can show that dependent on entanglement, also evolutionary stable strategies can emerge, which are not predicted by classical evolutionary game theory and where the total economic population uses a non aggressive quantum strategy.
|Item Type:||MPRA Paper|
|Original Title:||Doves and hawks in economics revisited [An evolutionary quantum game theory-based analysis of financial crises]|
|English Title:||Doves and hawks in economics revisited [An evolutionary quantum game theory-based analysis of financial crises]|
|Keywords:||Evolutionary game theory; financial crisis; hawk-dove game; quantum game theory|
|Subjects:||D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D53 - Financial Markets
A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values
C - Mathematical and Quantitative Methods > C0 - General > C02 - Mathematical Methods
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C70 - General
Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C73 - Stochastic and Dynamic Games ; Evolutionary Games ; Repeated Games
|Depositing User:||Matthias Hanauske|
|Date Deposited:||16 Apr 2009 23:34|
|Last Modified:||05 Oct 2016 16:30|
R. Axelrod. The complexity of cooperation: Agent-based models of conflict and cooperation. The Princeton University Press, Princeton, 1997.
S. C. Benjamin and P. M. Hayden. Multi-player quantum games. Physical Review A, 64:030301, 2001. quant-ph/0007038.
K. Dopfer. Evolutionary economics: program and scope. Kluwer Academic Publishers, Boston, 2001.
G. Dosi and R. R. Nelson. An introduction to evolutionary theories in economics. Journal of Evolutionary Economics, 4:153–172, 1994.
J. Eisert, M. Wilkens, and M. Lewenstein. Quantum games and quantum strategies. Physical Review Letters, 83:3077, 1999. quant-ph/9806088.
D. Friedman. On economic applications of evolutionary game theory. Journal of Evolutionary Economics, 8:15– 43, 1998.
E. Guevara. Quantum Replicator Dynamics. Physica A, 369/2:393–407, 2006. arXiv:quant-ph/0510238v7.
E. Guevara. Quantum Games and the Relationships between Quantum Mechanics and Game Theory. 2008. arXiv:0803.0292v1.
M. Hanauske, S. Bernius, and B. Dugall. Quantum Game Theory and Open Access Publishing. Physica A, 382(2):650–664, 2007. physics/0612234.
G. M. Hodgson. Economics and Evolution: Bringing Life back into Economics. The University of Michigan Press, Ann Arbor, 1993.
A. Iqbal and A. H. Toor. Equilibria of Replicator Dynamics in Quantum Games. 2001. arXiv:quant-ph/0106135v2.
E. Joos, H. D. Zeh, C. Kiefer, D. Giulini, J. Kupsch, and I. O. Stamatescu. Decoherence and the Appearance of a Classical World in Quantum Theory. Springer, 2003.
T. R. Malthus. An essay on the principle population as it aects the future improvement of society with remarks on the speculations of Mr. Godwin, M. Condorcet and other writers. Johnson, London, 1798.
L. Marinatto and T. Weber. A quantum approach to static games of complete information. Physics Letters A, 272:291, 2000. quant-ph/0004081.
D. A. Meyer. Quantum strategies. Physical Review Letters, 82:1052, 1999. quant-ph/9804010.
J. Miekisz. Evolutionary game theory and population dynamics. 2007. q-bio/0703062.
A. Nawaz and A.H.Toor. Evolutionarily Stable Strategies in Quantum Hawk-Dove Game. 2001. arXiv:quant-ph/0108075v2.
M. J. Osborne and A. Rubinstein. A course in game theory. MIT Press, Cambridge, Massachusetts, 1994.
E. W. Piotrowski and J. Sladkowski. Quantum Market Games. Physica A, 312:208, 2002. quant-ph/0104006.
D. Sally. On sympathy and games. Journal of Economic Behavior and Organization, 44(1):1–30, 2001.
W. Schlee. Einf¨uhrung in die Spieltheorie. Vieweg, 2004.
M. Schlosshauer. Decoherence, the measurement problem, and interpretations of quantum mechanics. Rev. Mod. Phys., 76:1267–1305, 2004. arXiv:quant-ph/0312059v4.
A. Smith. An inquiry into the nature and causes of the wealth of nations. Strahan and Cadell, London. Reprint in Oxford University Press, Oxford 1993, 1776.
J. M. Smith. Game theory and the evolution of fighting. pages 8–28, 1972. On Evolution, Edinburgh University Press.
J. M. Smith. Evolution and the Theory of Games. Cambridge University Press, 1982.
J. M. Smith. Evolutionary game theory. Physica D, 22:43–49, 1986