Moving past Walras: An Exploration of Evolutionary Game Theory
From Dickinson College Wiki
The Walrasian Paradigm
- Consumers make economic decisions based on exogenously determined and self-interested preferences
- Preferences do not change over time
- Economic transactions are the only form of social interaction
- Repeated interactions are ignored
- Price vectors are presumed to encapsulate the influence and action of other economic actors
- Returns to scale are ignored
- Institutions do not evolve
- Societal learning is ignored
- Institutions exist to facilitate trade
