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The goal of this paper is provide a theory of K-person non-stationary Markov games with unbounded rewards, for a countable state space and action spaces. We investigate both the finite and infinite horizon problems. We define the concept of strong Nash equilibrium and present conditions for both...
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A dynamic normal formulation for differential games is introduced and the "pedestrian principle" is discussed as a means of dynamically implementing the equilibrium strategy in a single game. Our formulation emphasizes the distinction between a player's rational prediction and the actual...
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We introduce the dual of a stochastic game with incomplete information on one side, and we deduce some properties of optimal strategies of the uninformed player.
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The paper analyzes a negotiation between two players (e.g. finns in duopoly wishing to fonn a cartel or countries involved in a trade dispute) about levels of their activities that may be hannful to the other player. Negotiation takes place in discrete time, with alternating offers of the two...
Persistent link: https://www.econbiz.de/10008528789
The paper analyzes negotiation about contracts between the buyer and the seller. A contract specifies the quantity delivered by the seller and the buyer's payment for each period within its time horizon. In each period without a valid contract any party can withdraw from negotiation forever. Any...
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When voting takes place in democratic institutions, we find (either explicitly or implicitly) that there is an agenda setter or a formateur. Such players are uniquely able to make substantive proposals for given topics. Their statuses remain intact even after rejection of proposals, but they...
Persistent link: https://www.econbiz.de/10010297248