EVOLUTION AND MARKET COMPETITION
成果类型：
Article
署名作者：
LUO, GY
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1072
发表日期：
1995
页码：
223-250
关键词：
摘要：
Profit maximization is the usual prerequisite for achievement of a perfectly competitive equilibrium. However, for a long time it has been thought that this principle of profit maximization can be replaced by natural selection. In an evolutionary model of an industry, where firms' outputs are chosen randomly, where entry occurs with no motivation, and where exit occurs when a firm's wealth becomes negative, this paper shows that the industry converges in probability to a perfectly competitive equilibrium as each firm gets infinitesimally small relative to the market, as the entry cost gets sufficiently small and as time gets sufficiently large. (C) 1995 Academic Press, Inc.