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  1. Beyond Replicator Dynamics: Innovation-Selection Dynamics and Optimal Diversity

    Safarzynska, Karolina; van den Bergh, Jeroen
    We propose a new evolutionary approach to model technological change based on an extension of replicator dynamics with recombination and mutation. It gives rise to interactive innovation-selection dynamics. The model allows studying the combined effects of selection and variety generation on evolutionary-economic change. The developed framework describes a population of boundedly rational entrepreneurs who decide each period on the allocation of investments in different production technologies. They tend to invest in belowaverage cost technologies, just as under replicator dynamics. In addition, they spend a constant fraction of investments, captured by mutation and recombination rates, on alternative technologies and research on recombinant innovation. As opposed to most previous studies, mutation...
    (application/pdf) - 18-oct-2016

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