Borkar, Vivek S and Jain, Sanjay and Rangarajan, Govindan (1999) Evolutionary games with two timescales. In: Physlca D, 125 (1-2). pp. 155-166.
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We consider a two timescale model of learning by economic agents wherein active or 'ontogenetic' learning by individuals takes place on a fast scale and passive or 'phylogenetic' learning by society as a whole on a slow scale, each affecting the evolution of the other. The former is modelled by the Monte Carlo dynamics of physics, while the latter is modelled by the replicator dynamics of evolutionary biology. Various qualitative aspects of the dynamics are studied in some simple cases, both analytically and numerically, and its role as a useful modelling device is emphasized.
|Item Type:||Journal Article|
|Additional Information:||Copyright of this article belongs to Elsevier Science.|
|Keywords:||Evolutionary games;Monte Carlo dynarmcs;Rephcator dynamacs;Singularly perturbed daffereuual equataons|
|Department/Centre:||Division of Physical & Mathematical Sciences > Centre for Theoretical Studies
Division of Electrical Sciences > Computer Science & Automation (Formerly, School of Automation)
Division of Physical & Mathematical Sciences > Mathematics
|Date Deposited:||17 Jul 2009 11:26|
|Last Modified:||19 Sep 2010 05:27|
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