Bridging the gap between Schumpeterian competition and evolutionary game theory

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Abstract

This paper suggests that the analysis of Schumpeterian competition within the Nelson-Winter model should be complemented with evolutionary game theory. This model and its limitations for density-dependent Schumpeterian strategies are presented in terms of the equations of evolutionary dynamics. Formulated as evolutionary games, the set of strategies can easily be extended from innovators and imitators to routinists, complementors, and mixers. All strategies are presented in relation to a modified version of the Hawk-Dove Game. In this setting, the possibility of coexistence of several Schumpeterian strategies is proved. This is an example of Schumpeterian competition within evolutionary game theory.
Original languageEnglish
Publication date2007
Number of pages20
Publication statusPublished - 2007
EventAppropriability, Proximity, Routines and Innovation - Danish Research Unit for Industrial Dynamics, Denmark
Duration: 18 Jun 200720 Jun 2007

Conference

ConferenceAppropriability, Proximity, Routines and Innovation
CountryDenmark
CityDanish Research Unit for Industrial Dynamics
Period18/06/200720/06/2007

Keywords

  • Schumpeterian competition
  • evolutionary game theory

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