Sutton, John - London School of Economics (LSE) - 1995
This paper proposes an equilibrium concept for a class of games in which players make irreversible costly decisions …; these games have been widely used in the recent I.O. literature. The equilibrium concept is defined, not in the space of … requirement: if a profitable opportunity exists in the market, there is 'one smart agent' who will fill it. This weak equilibrium …