Replicator dynamics in value chains: explaining some puzzles of market selection
将复制者动力学模型扩展到企业纵向整合的价值链情形，通过解析模型和数值模拟发现，考虑价值链后复制者动力学可能逆转市场选择效应，低适应度企业因与高适应度伙伴整合而扩张，反之亦然。
The pure model of replicator dynamics provides important insights in the evolution of markets but has not met with much empirical support. This article extends the model to the case of firms vertically integrated into value chains (VCs). Through an extended analytical model and numerical simulations, we show that (i) by taking VCs into account, the replicator dynamics may reverse its effect. In these "regressive developments" of market selection, firms with low fitness expand because of being integrated with highly fit partners, and the other way around; (ii) allowing a partner's switching reintroduces selection forces into the upper layers of VCs; and (iii) periods of instability in the early stage of the industry life cycle may be the result of an optimization' of partners within a value chain, thus providing a novel and simple explanation of the evidence discussed earlier in the literature. © 2019 The Author(s).