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Persistent link: https://www.econbiz.de/10005146113
This paper introduces a new solution concept, a minimax regret equilibrium, which allows for the possibility that players are uncertain about the rationality and conjectures of their opponents. We provide several applications of our concept. In particular, we consider price-setting environments...
Persistent link: https://www.econbiz.de/10008507133
Persistent link: https://www.econbiz.de/10005159622
This paper introduces the concept of ordient for binary relations (preferences), a relative of the concept of gradient for functions (utilities). Ordients have a natural economic interpretation as marginal rates of substitution. Some examples of ordientable binary relations include the...
Persistent link: https://www.econbiz.de/10011076677