Bridging the gap between Schumpeterian competition and evolutionary game theory

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.