Minimax-Nash
An alternative solution concept is recommended for noncooperative games with multiple equilibra. Players maximize security level in a contracted game. Examples in economics are given in which this solution concept yields a unique solution: a fiat money model, the capital overaccumulation problem, and multiple rational expectations equilibria generally.
Year of publication: |
1979
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Authors: | Bryant, John |
Institutions: | Federal Reserve Bank of Minneapolis |
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