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zgr, Onur - In: Handbook of social economics : volume 1, (pp. 587-644). 2011

Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular...

Persistent link: https://www.econbiz.de/10014025690

Nash Equilibrium Without Mutual Knowledge of Rationality

Lo, Kin Chung - 1999

In a Nash equilibrium, players' rationality is mutual knowledge. However, both intuition and experimental evidence … suggest that players do not know for sure the rationality of opponents. This paper proposes a new equilibrium concept … equilibrium, players do not necessarily know the rationality of opponents, but they view rationality as infinitely more likely …

Persistent link: https://www.econbiz.de/10014179636

Rationalizable implementation of correspondences

Kunimoto, Takashi; Serrano, Roberto - 2016 - This version: May 2016

We come close to characterizing the class of social choice correspondences that are implementable in rationalizable strategies. We identify a new condition, which we call set-monotonicity, and show that it is necessary and almost sufficient for rationalizable implementation. Set-monotonicity is...

Persistent link: https://www.econbiz.de/10011483605

Rationalizable partition-confirmed equilibrium

Fudenberg, Drew; Kamada, Yuichiro - In: Theoretical economics : TE ; an open access journal in … 10 (2015) 3, pp. 775-806

extensive-form games, when rationality is common knowledge and players observe a partition of the terminal nodes. RPCE allows …

Persistent link: https://www.econbiz.de/10011673255

Existence and Uniqueness of Active Equilibria in Linear Bilateral Oligopolies

Lahiri, Somdeb - 2012

Persistent link: https://www.econbiz.de/10014165863

Monotone Imitation Dynamics in Large Populations

Fudenberg, Drew - 2007

We analyze a class of imitation dynamics with mutations for games with any finite number of actions, and give conditions for the selection of a unique equilibrium as the mutation rate becomes small and the population becomes large. Our results cover the multiple-action extensions of the...

Persistent link: https://www.econbiz.de/10012728635

Best-response dynamics, playing sequences, and convergence to equilibrium in random games

Heinrich, Torsten; Jang, Yoojin; Mungo, Luca; Pangallo, … - 2021

We show that the playing sequence-the order in which players update their actions-is a crucial determinant of whether the best-response dynamic converges to a Nash equilibrium. Specifically, we analyze the probability that the best-response dynamic converges to a pure Nash equilibrium in random...

Persistent link: https://www.econbiz.de/10012423273

Equilibria in symmetric games : theory and applications

Hefti, Andreas - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 3, pp. 979-1002

This article presents a new approach to analyze the equilibrium set of symmetric, differentiable games by separating multiple symmetric equilibria and asymmetric equilibria. This separation allows the investigation of, for example, how various parameter constellations affect the scope for...

Persistent link: https://www.econbiz.de/10011744039

Bertrand-Edgeworth Equilibria in Finite Exchange Economies

Germano, Fabrizio - 2003

We introduce a framework for analyzing Bertrand-Edgeworth equilibria in finite Arrow-Debreu exchange economies. A key feature is the way trade takes place. There are two main stages. In the first stage agents simultaneously choose prices and quantities of commodities they want to sell; in the...

Persistent link: https://www.econbiz.de/10014078305

Evolutionary stability in asymmetric oligopoly : a non-Walrasian result

Leininger, Wolfgang; Moghadam, Hamed M. - 2014

It is a very well-known result that in terms of evolutionary stability the long-run outcome of a Cournot oligopoly market with finitely many firms approaches the perfectly competitive Walrasian market outcome (Vega-Redondo, 1997). However, in this paper we show that an asymmetric structure in...

Persistent link: https://www.econbiz.de/10010399434