Villena, Mauricio G. and Villena, Marcelo J. (2004): Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian? Published in: Journal of Economic Issues , Vol. XXXVII, No. 3 (September 2004): pp. 585-610.
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This essay provides an approach to the analysis of the link between Thorstein Veblen's evolutionary approach and evolutionary game theory (EGT). We shed some light on the potential contribution of Veblen's theory of socioeconomic evolution to the discussion on the application of EGT to social environments. We also investigate to what extent elements of EGT can be used to formalize some of the basic evolutionary principles proposed by Veblen. The methodological imperatives laid down by Veblen, defining an evolutionary approach, are presented. We provide an analytical framework that allows the evaluation of EGT in terms of Veblen's evolutionary approach. To better understand the main principles and rationale behind EGT and how it can be applied as a tool for analyzing issues on the diversity, interaction, and evolution of social systems, we discuss this nontraditional approach and its basic concepts. Finally, the main characteristics of EGT are contrasted with Veblen's principles.
|Item Type:||MPRA Paper|
|Original Title:||Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian?|
|English Title:||Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian?|
|Keywords:||Evolution; Evolutionary Economics; Evolutionary; Game Theory; Games|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B31 - Individuals
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B52 - Institutional ; Evolutionary
B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B15 - Historical ; Institutional ; Evolutionary
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C73 - Stochastic and Dynamic Games ; Evolutionary Games ; Repeated Games
|Depositing User:||Mauricio Villena|
|Date Deposited:||17. Feb 2011 19:17|
|Last Modified:||11. Feb 2013 23:13|
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