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Reciprocal insurance: a case of supply created by demand
Venezian, Emilio C. - In: Journal of Risk Finance 6 (2005) November, pp. 404-415
Purpose – The purpose of this study is to determine the characteristics of the equilibrium between demand and supply …. Research limitations/implications – Most alternative models of insurance demand imply that, in the presence of transaction …
Persistent link: https://www.econbiz.de/10005002429
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The Language of Game Theory:Putting Epistemics into the Mathematics of Games
Brandenburger, Adam - World Scientific Publishing Co. Pte. Ltd.
>Lexicographic Probabilities and Choice Under Uncertainty <i>(Lawrence Blume, Adam Brandenburger, and Eddie Dekel)</i></li> <li>Admissibility in …
Persistent link: https://www.econbiz.de/10011010976
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Epistemic Conditions for Nash Equilibrium
Aumann, Robert; Brandenburger, Adam - In: The Language of Game Theory:Putting Epistemics into the …
Sufficient conditions for Nash equilibrium in an n-person game are given in terms of what the players know and believe — about the game, and about each other's rationality, actions, knowledge, and beliefs. Mixed strategies are treated not as conscious randomizations, but as conjectures, on the...
Persistent link: https://www.econbiz.de/10011206381
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Admissibility in Games
Brandenburger, Adam; Friedenberg, Amanda; Keisler, H. Jerome - In: The Language of Game Theory:Putting Epistemics into the …
Suppose that each player in a game is rational, each player thinks the other players are rational, and so on. Also, suppose that rationality is taken to incorporate an admissibility requirement — that is, the avoidance of weakly dominated strategies. Which strategies can be played? We provide...
Persistent link: https://www.econbiz.de/10011206393
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Hierarchies of Beliefs and Common Knowledge
Brandenburger, Adam; Dekel, Eddie - In: The Language of Game Theory:Putting Epistemics into the …
Game-theoretic analysis often leads to consideration of an infinite hierarchy of beliefs for each player. Harsanyi suggested that such a hierarchy of beliefs could be summarized in a single entity, called the player's type. This chapter provides an elementary construction, complementary to the...
Persistent link: https://www.econbiz.de/10011206453
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Self-Admissible Sets
Brandenburger, Adam; Friedenberg, Amanda - In: The Language of Game Theory:Putting Epistemics into the …
establish some general properties of SAS's, including a characterization in perfect-information games. …
Persistent link: https://www.econbiz.de/10011206587
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Lexicographic Probabilities and Choice Under Uncertainty
Blume, Lawrence; Brandenburger, Adam; Dekel, Eddie - In: The Language of Game Theory:Putting Epistemics into the …
Two properties of preferences and representations for choice under uncertainty which play an important role in decision … well defined conditional probabilities, that is, given any event a conditional probability which is concentrated on that … event and which corresponds to the individual's preferences. The conventional Bayesian theory of choice under uncertainty …
Persistent link: https://www.econbiz.de/10011206642
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Rationalizability and Correlated Equilibria
Brandenburger, Adam; Dekel, Eddie - In: The Language of Game Theory:Putting Epistemics into the …
We discuss the unity between the two standard approaches to noncooperative solution concepts for games. The decision-theoretic approach starts from the assumption that the rationality of the players is common knowledge. This leads to the notion of correlated rationalizability. It is shown that...
Persistent link: https://www.econbiz.de/10011206697
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Intrinsic Correlation in Games
Brandenburger, Adam; Friedenberg, Amanda - In: The Language of Game Theory:Putting Epistemics into the …
Correlations arise naturally in noncooperative games, e.g., in the equivalence between undominated and optimal strategies in games with more than two players. But the noncooperative assumption is that players do not coordinate their strategy choices, so where do these correlations come from? The...
Persistent link: https://www.econbiz.de/10011206775
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An Impossibility Theorem on Beliefs in Games
Brandenburger, Adam; Keisler, H. Jerome - In: The Language of Game Theory:Putting Epistemics into the …
A paradox of self-reference in beliefs in games is identified, which yields a game-theoretic impossibility theorem akin to Russell's Paradox. An informal version of the paradox is that the following configuration of beliefs is impossible:Ann believes that Bob assumes thatAnn believes that Bob's...
Persistent link: https://www.econbiz.de/10011206790