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In classical game theory, players have finitely many actions and evaluate outcomes of mixed strategies using a von Neumann-Morgenstern utility function. Allowing a larger, but countable, player set introduces a host of phenomena that are impossible in finite games. <p> Firstly, in coordination...</p>
Persistent link: https://www.econbiz.de/10005190860
In t-solutions, quantal response equilibria based on the linear probability model as introduced in R.W. Rosenthal (1989, Int. J. Game Theory 18, 273-292), choice probabilities are related to the determination of leveling taxes. The set of t-solutions coincides with the set of Nash equilibria of...
Persistent link: https://www.econbiz.de/10005190866
This note considers preference structures over countable sets which allow incomparable outcomes and nontransitive preferences and indifferences. Necessary and sufficient conditions are provided under which such a preference structure can be represented by means of utility function and a...
Persistent link: https://www.econbiz.de/10005207076
In most economics textbooks there is a gap between the non-existence of utility functions and the existence of continuous utility functions, although upper semi-continuity is sufficient for many purposes. Starting from a simple constructive approach for countable domains and combining this with...
Persistent link: https://www.econbiz.de/10005207183
A product set of pure strategies is a prep set ("prep" is short for "preparation") if it contains at least one best reply to any consistent belief that a player may have about the strategic behavior of his opponents. Minimal prep sets are shown to exists in a class of strategic games satisfying...
Persistent link: https://www.econbiz.de/10005207193
In classical game theory, players have finitely many actions and evaluate outcomes of mixed strategies using a von Neumann-Morgenstern utility function. Allowing a larger, but countable, player set introduces phenomena that are impossible in finite games: Even if players have identical payoffs...
Persistent link: https://www.econbiz.de/10008565470