Borkar, VS and Jain, Sanjay and Rangarajan, Govindan (1998) Dynamics of individual specialization and global diversification in communities. In: Complexity, 3 (3). pp. 50-56.
Full text not available from this repository. (Request a copy)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 |
|---|---|
| Publication: | Complexity |
| Publisher: | John Wiley & Sons, Inc. |
| 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 (Ceased to exist at the end of 2003) Division of Electrical Sciences > Computer Science & Automation Division of Physical & Mathematical Sciences > Mathematics |
| Date Deposited: | 09 Jan 2006 |
| Last Modified: | 27 Feb 2019 10:23 |
| URI: | http://eprints.iisc.ac.in/id/eprint/4964 |
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