Tag Archive for 'London School of Economics'

Could you do first-year economics?

Once again, I’m teaching EC102, a mathematics-oriented introduction to economics for first-year undergraduate students at the London School of Economics.  The following is a question from one of the students’ weekly quizzes:

A population consists of two types, “friendlies” (Fs) and “aggressives” (As). Each individual interacts with a randomly chosen member of the population. When two Fs interact, they each earn 3 units. When two As interact, they each earn 0. When an F and an A interact the former gets 1 unit and the latter 5 units. The growth rate of each type is proportional to their average payoff. What will be the equilibrium population share of Fs?

There are some hints over the fold …
Continue reading ‘Could you do first-year economics?’