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The traditional model of sequential decision making, for instance, in extensive form games, is a tree. Most texts define a tree as a connected directed graph without loops and a distinguished node, called the root. But an abstract graph is not a domain for decision theory. Decision theory...
Persistent link: https://www.econbiz.de/10010292783
This paper establishes existence of subgame perfect equilibrium for a general class of sequential multi-lateral bargaining games. The only required hypothesis is that utility functions are continuous on the space of economic outcomes. In particular, no assumption on the space of feasible payoffs...
Persistent link: https://www.econbiz.de/10011917374
The traditional model of sequential decision making, for instance, in extensive form games, is a tree. Most texts define a tree as a connected directed graph without loops and a distinguished node, called the root. But an abstract graph is not a domain for decision theory. Decision theory...
Persistent link: https://www.econbiz.de/10009725478
Persistent link: https://www.econbiz.de/10002174840
We correct a misspecified property in "Trees and Extensive Forms'', Journal of Economic Theory 143 (2008), 216-250. As a consequence a few proofs need to be adjusted, and a few statements need to be adapted. Two minor results, which are not needed for the proofs of the main results, do not hold...
Persistent link: https://www.econbiz.de/10013057802
This paper establishes existence of subgame perfect equilibrium for a general class of sequential multi-lateral bargaining games. The only required hypothesis is that utility functions are continuous on the space of economic outcomes. In particular, no assumption on the space of feasible payoffs...
Persistent link: https://www.econbiz.de/10011733996
This paper provides a self-contained definition and a characterization of the class of extensive-form games that are adequate for applications, but still do not employ any finiteness assumptions. In spite of its simplicity, the resulting definition is more general than the classical ones....
Persistent link: https://www.econbiz.de/10014148008
Persistent link: https://www.econbiz.de/10001744799
This paper addresses the question of what it takes to obtain a well-de?ned extensive form game. Without relying on simplifying ?niteness or discreteness assumptions, we characterize the class of game trees for which (a) extensive forms can be de?ned and (b) all pure strategy combinations induce...
Persistent link: https://www.econbiz.de/10005623095
In a two-stage extensive form game where followers can observe moves by leaders only with noise, pure subgame perfect Nash equilibria of the limiting game without noise may not survive arbitrarily small noise. Still, for generic games, there is always at least one subgame perfect equilibrium...
Persistent link: https://www.econbiz.de/10005823264