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Revisiting Individual Evolutionary Learning in the Cobweb Model – An Illustration of the Virtual Spite-Effect
2006
Computational Economics
We examine the Cournot oligopoly model in the context of social and individual learning. In both models of learning, firms update their decisions about how much to produce via variants of the genetic algorithm updating procedure. Arifovic (1994) found that both models of social and individual learning converged to the Walrasian, competitive equilibrium. Vriend (2000) reports that the model of social learning converges to the Walrasian equilibrium outcome, while the model of individual learning
doi:10.1007/s10614-006-9053-3
fatcat:huruvaoe7ze6vmasou2zxp332y