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Title:On the stability of equilibria in replicator dynamics modelling: an application in industrial dynamics considering resource constraints PDF Logo
Authors:Klarl, Torben
Issue Date:2008
Series/Report no.:Volkswirtschaftliche Diskussionsreihe // Institut für Volkswirtschaftslehre der Universität Augsburg 298
Abstract:Replicator dynamic modelling (rdm) is used to discuss industrial evolution problems with heterogeneous agents. However, some of the models tend to be very complex and, therefore, analytical solutions cannot be obtained. Hence, the paper proposes to start with a relatively simple model and check its stability of the equilibria before expanding the model. This strategy is more effective than relying on simulation based studies where instability cannot be ruled out ex ante. Thus, the aim of this paper is to introduce a stability check for rdm, especially, if one ore more real Eigenvalues with value zero occur. Besides the (Strogatz, 1994) and (Hilborn, 1994) local stability theorem, this method provides an alternative and more flexible procedure for stability analysis for rdm. To apply this approach, an industrial replicator dynamic model containing three differential equations is set up.
Subjects:Evolutionary economics
Replicator dynamics
JEL:B25
C62
Document Type:Working Paper
Appears in Collections:Volkswirtschaftliche Diskussionsreihe, Universität Augsburg

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