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Dynamics of individual specialization and global diversification in communities

Borkar, Vivek S and Jain, Sanjay and Rangarajan, Govindan (1998) Dynamics of individual specialization and global diversification in communities. In: Complexity, 3 (3). pp. 50-56.

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Abstract

We discuss a model of an economic community consisting of N interacting agents. The state of each agent at any time is characterized, in general, by a mixed strategy profile drawn from a space of s pure strategies. The community evolves as agents update their strategy profiles in response to payoffs received from other agents. The evolution equation is a generalization of the replicator equation. We argue that when N is sufficiently large and the payoff matrix elements satisfy suitable inequalities, the community evolves to retain the full diversity of available strategies even as individual agents specialize to pure strategies.

Item Type: Journal Article
Additional Information: The copyright belongs to John Wiley & Sons, Inc.
Keywords: interacting agents;economic communities;specialization; diversity;innovation;replicator dynamics
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: 09 Jan 2006
Last Modified: 27 Aug 2008 11:40
URI: http://eprints.iisc.ernet.in/id/eprint/4964

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