Showing 1 - 10 of 17
It is shown that the n-player lottery contest admits a best-response potential (Voorneveld, 2000, Economics Letters). This is true also when the contest technology reflects the possibility of a draw. The result implies, in particular, the existence of a non-trivial two-player zero-sum game that...
Persistent link: https://www.econbiz.de/10012963488
This paper studies the dynamic construction of a blockchain by competitive miners. In contrast to the literature, we assume a finite time horizon. Moreover, miners are rewarded for blocks that eventually become part of the longest chain. It is shown that popular mining strategies such as...
Persistent link: https://www.econbiz.de/10012827846
This paper studies fictitious play in networks of noncooperative two-person games. We show that continuous-time fictitious play converges to the set of Nash equilibria if the overall n-person game is zero-sum. Moreover, the rate of convergence is 1/T, regardless of the size of the network. In...
Persistent link: https://www.econbiz.de/10012902571
We experimentally study settings where an individual may have an incentive to adopt negative beliefs about another's intentions in order to justify egoistic behavior. Our first study uses a game in which a player can take money from an opponent in order to prevent the opponent from subsequently...
Persistent link: https://www.econbiz.de/10012893964
In the class of smooth non-cooperative games, exact potential games and weighted potential games are known to admit a convenient characterization in terms of cross-derivatives (Monderer and Shapley, 1996a). However, no analogous characterization is known for ordinal potential games. The present...
Persistent link: https://www.econbiz.de/10012900847
Considered are imperfectly discriminating contests in which players may possess private information about the primitives of the game, such as the contest technology, valuations of the prize, cost functions, and budget constraints. We find general conditions under which a given contest of...
Persistent link: https://www.econbiz.de/10012936799
We characterize the equilibrium set of the n-player Hirshleifer contest with homogeneous valuations. A symmetric equilibrium always exists. It necessarily corresponds to multilateral peace for sufficient noise and uses finite-support randomized strategies otherwise. Asymmetric equilibria are...
Persistent link: https://www.econbiz.de/10012824146
We consider a class of incomplete-information Colonel Blotto games in which N ≥ 2 agents are engaged in (N + 1) battlefields. An agent's vector of battlefield valuations is drawn from a generalized sphere in L<sub>p</sub>-space. We identify a Bayes-Nash equilibrium in which any agent's resource...
Persistent link: https://www.econbiz.de/10012859339
The Hotelling game of pure location allows interpretations in spatial competition, political theory, and professional forecasting. In this paper, the doubly symmetric mixed-strategy equilibrium for n ≥ 4 firms is characterized as the solution of a well-behaved boundary value problem. The...
Persistent link: https://www.econbiz.de/10013050402
This paper studies a large class of imperfectly discriminating contests, referred to as elastic contests, that induce players to either overbid a standing bid or to abstain from bidding altogether. Many common forms of contest are elastic. In any equilibrium of an elastic contest, there is...
Persistent link: https://www.econbiz.de/10013054257