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Abstract
Conventional stochastic models of evolutionary processes with infinitely many agents are deterministic models in disguise. Only finite population models become truly stochastic. Therefore this paper focuses on an indirect evolutionary model of pair wise interaction in a pool of three (corresponding to analysing oligopolies in terms of duopoly markets). The outcomes of the process over the long haul are characterized by the stationary distribution of the underlying Markov process. Our example indicates that intermediate cases cannot be seen as convex combinations of the two polar non-stochastic cases of two or infinitely many individuals. JEL Classification Numbers: C72, C73.
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