Template-Type: ReDIF-Paper 1.0

Author-Name: Torben Klarl
Author-X-Name-First: Torben
Author-X-Name-Last: Klarl

Title: 	On the stability of equilibria in replicator dynamics modelling: an application in industrial dynamics considering resource constraints
	
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.
Length:  34 pages
Creation-Date:  2008-03
File-URL: http://www.bgpe.de/texte/DP/046_klarl.pdf
File-Format: Application/pdf
File-Function: First version, 2008
Number: 046
Classification-JEL: B25, C62
Keywords: Evolutionary economics, Replicator dynamics
Handle: RePEc:bav:wpaper:046_klarl