A noncooperative implementation of the core is provided for games with transferable utility. The implementation obtained here is meant to reflect the standard motivation for the core as closely as possible. In the model proposed, time is continuous. This idealized treatment of time is most...

A step toward a strategic foundation for rational expectations equilibrium is taken by considering a double auction with n buyers and m sellers with interdependent values and affiliated private information. If there are sufficiently many buyers and sellers, and their bids are restricted to a...

We establish the existence of pure strategy equilibria in monotone bidding functions in first-price auctions with asymmetric bidders, interdependent values, and affiliated one-dimensional signals. By extending a monotonicity result due to Milgrom and Weber (1982), we show that single crossing...

For an arbitrary data set D = {(p, x)} ⊆ (ℝ₊-super-m∖ {0}) × ℝ₊-super-m, finite or infinite, it is shown that the following three conditions are equivalent: (a) D satisfies GARP; (b) D can be rationalized by a utility function; (c) D can be rationalized by a utility function that is...

A game is better-reply secure if for every non equilibrium strategy x* and every payoff vector limit u* resulting from strategies approaching x*, some player i has a strategy yielding a payoff strictly above u[subscript i superscript *] even if the others deviate slightly from x*. If strategy...