Markov Perfect Equilibrium, I : Observable Actions.

In this paper and its companion, we develop the concept of Markov strategy and Markov equilibrium for general multi-period games. Markov strategies are simple, i.e., they depend only on variables affecting current and future payoffs. By excluding the influence of all but the "important" variables, the Markov concept formalizes the idea that "minor causes should nave minor effects'.

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Year of publication:	1997
Authors:	Maskin, E ; Tirole, J
Institutions:	Harvard Institute of Economic Research (HIER), Department of Economics
Subject:	ECONOMETRICS

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Series:	Harvard Institute of Economic Research Working Papers.
Type of publication:	Book / Working Paper
Notes:	38 pages
Classification:	C7 - Game Theory and Bargaining Theory
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005245675