In this paper, the relation between the N-person IPD game and the N-person oligopoly game is rigorously addressed. Our analytical framework shows that due to the pathdependence of the payo matrix of the oligopoly game, the two games in general are not close in spirit. We then further explore the signi cance of the path-dependence property to the rich ecology of oligopoly from an evolutionary perspective. More precisely, we simulated the evolution of a 3-person oligopoly game, and showed that the rich ecology of oligopoly can be exhibited by modelling the adaptive behaviour of oligopolists with genetic algorithms. The emergent behaviour of oligopolists are presented and analyzed. We indicate how the path-dependence nature may shed light on the phenotypes and genotypes coming into existence.
Knowledge and Information Systems: An International Journal, 2(3), 285-309