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Equilibrium selection in static and dynamic entry games

Duffy, John; Ochs, Jack - In: Games and Economic Behavior 76 (2012) 1, pp. 97-116

We experimentally assess the predictive power of two equilibrium selection principles for binary N-player entry games with strategic complementarities. In static entry games, we test the theory of global games which posits that players play games of complete information as if they were playing a...

Persistent link: https://www.econbiz.de/10010664595

Coordination Cycles

Steiner, Jakub - School of Economics, University of Edinburgh - 2006

Players repeatedly face a coordination problem in a dynamic global game. By choosing a risky action (invest) instead of …, which decreases today’s payoff. Thus, expectation of successful coordination tomorrow undermines successful coordination …

Persistent link: https://www.econbiz.de/10005750757

Coordination Cycles

Steiner, Jakub - Center for Economic Research and Graduate Education and … - 2005

We build a dynamic global game in which players repeatedly face a similar coordination problem. By choosing a risky … therefore harder to coordinate on, which decreases today’s payoff. Expectation of successful coordination tomorrow undermines … successful coordination today which leads to fluctuations of equilibrium behavior even if the underlying economic fundamentals …

Persistent link: https://www.econbiz.de/10005357523

Efficiency, communication and honesty

Demichelis, Stefano; Weibull, Jörgen W. - 2006

dominant Nash equilibrium together characterize the unique evolutionarily stable set in generic and symmetric n×n-coordination …

Persistent link: https://www.econbiz.de/10010281162

Efficiency, communication and honesty

Demichelis, Stefano; Weibull, Jörgen - Economics Institute for Research (SIR), … - 2006

dominant Nash equilibrium together characterize the unique evolutionarily stable set in generic and symmetric n×n-coordination …

Persistent link: https://www.econbiz.de/10005649475

Equilibrium Selection and Public Good Provision

Myatt, David P.; Wallace, Chris - Department of Economics, Oxford University - 2002

Collective action problems arise in a variety of situations. The economic theory of public good provision raises a number of important questions. Who contributes to the public good, and who free rides? How might a social planner exploit the interdependence of decision-making to encourage...

Persistent link: https://www.econbiz.de/10005047808

Markov perfection and cooperation in repeated games

Stähler, Frank - 1996

Markov perfection has become the usual solution concept to determine the non-cooperative equilibrium in a dynamic game. However, Markov perfection is a stronger solution concept than subgame perfection: Markov perfection rules out any cooperation in a repeated prisoners' dilemma game because the...

Persistent link: https://www.econbiz.de/10010275348

The rise and fall of the Great Fish Pact under endogenous risk of stock collapse

Walker, Adam N.; Weikard, Hans-Peter; Richter, Andries - 2015

Risk of stock collapse is a genuine motivation for cooperative fisheries management. We analyse the effect of an endogenously determined risk of stock collapse on the incentives to cooperate in a Great Fish War model. We establish that equilibrium harvest strategies are non-linear in stock and...

Persistent link: https://www.econbiz.de/10011307298

Slow and steady wins the race: Approximating Nash equilibria in nonlinear quadratic tracking games

Blueschke, Dmitri; Blueschke-Nikolaeva, Victoria; … - 2015

We propose a meta-heuristic approach for solving nonlinear dynamic tracking games. In contrast to more "traditional" methods based on linear-quadratic (LQ) techniques, this derivative-free method is very flexible (e.g. to introduce inequality constraints). The meta-heuristic is applied to a...

Persistent link: https://www.econbiz.de/10011348201

On the Existence of Markov Perfect Equilibria in Perfect Information Games

Salonen, Hannu; Vartiainen, Hannu - 2011

zero-sum games and pure coordination games. …

Persistent link: https://www.econbiz.de/10012503022