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This paper disentangles the topological assumptions of classical results (e.g., Walker (1977)) on existence of maximal elements from rationality conditions. It is known from the social choice literature that under the standard topological conditions—with no other restrictions on...
Persistent link: https://www.econbiz.de/10009238205
This paper establishes existence of a stationary Markov perfect equilibrium in general stochastic games with noise — a component of the state that is nonatomically distributed and not directly affected by the previous period’s state and actions. Noise may be simply a payoff irrelevant public...
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