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Designing stable mechanisms for economic environments
Healy, Paul J.; Mathevet, Laurent - In: Theoretical Economics 7 (2012) 3, pp. 609-661
dynamically stable for a wide class of adaptive dynamics. We argue that supermodularity is not a desirable stability criterion in … stability while gaining budget balance out of equilibrium. …
Persistent link: https://www.econbiz.de/10011599472
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Designing stable mechanisms for economic environments
Healy, Paul J.; Mathevet, Laurent - In: Theoretical Economics 7 (2012) 3
dynamically stable for a wide class of adaptive dynamics. We argue that supermodularity is not a desirable stability criterion in … stability while gaining budget balance out of equilibrium. …
Persistent link: https://www.econbiz.de/10009246638
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A theory of regular Markov perfect equilibria in dynamic stochastic games: genericity, stability, and purification
Doraszelski, Ulrich; Escobar, Juan - In: Theoretical Economics 5 (2010) 3, pp. 369-402
This paper studies generic properties of Markov perfect equilibria in dynamic stochastic games. We show that almost all dynamic stochastic games have a finite number of locally isolated Markov perfect equilibria. These equilibria are essential and strongly stable. Moreover, they all admit...
Persistent link: https://www.econbiz.de/10011599432
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Refined best reply correspondence and dynamics
Kuzmics, Christoph; Balkenborg, Dieter; Hofbauer, Josef - In: Theoretical Economics 8 (2013) 1, pp. 165-192
We call a correspondence, defined on the set of mixed strategy pro les, a generalized best reply correspondence if it (1) has a product structure, (2) is upper hemi-continuous, (3) always includes a best reply to any mixed strategy pro le, and (4) is convex- and closed-valued. For each...
Persistent link: https://www.econbiz.de/10011599479
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Markov distributional equilibrium dynamics in games with complementarities and no aggregate risk
Balbus, Łukasz; Dziewulski, Paweł; Reffett, Kevin L.; … - In: Theoretical Economics 17 (2022) 2, pp. 725-762
We present a new approach to studying equilibrium dynamics in a class of stochastic games with a continuum of players with private types and strategic complementarities. We introduce a suitable equilibrium concept, called Markov Stationary Nash Distributional Equilibrium (MSNDE), prove its...
Persistent link: https://www.econbiz.de/10014536895
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Dynamic games with (almost) perfect information
He, Wei; Sun, Yeneng - In: Theoretical Economics 15 (2020) 2, pp. 811-859
This paper aims to solve two fundamental problems on finite or infinite horizon dynamic games with complete information. Under some mild conditions, we prove the existence of subgame-perfect equilibria and the upper hemicontinuity of equilibrium payoffs in general dynamic games with simultaneous...
Persistent link: https://www.econbiz.de/10013188997
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Refined best-response correspondence and dynamics
Kuzmics, Christoph; Balkenborg, Dieter; Hofbauer, Josef - In: Theoretical Economics 8 (2013) 1
We call a correspondence, defined on the set of mixed strategy proles, a generalized best reply correspondence if it (1) has a product structure, (2) is upper hemi-continuous, (3) always includes a best reply to any mixed strategy prole, and (4) is convex- and closed-valued. For each generalized...
Persistent link: https://www.econbiz.de/10009646030
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A theory of regular Markov perfect equilibria in dynamic stochastic games: genericity, stability, and purification
Doraszelski, Ulrich; Escobar, Juan - In: Theoretical Economics 5 (2010) 3
This paper studies generic properties of Markov perfect equilibria in dynamic stochastic games. We show that almost all dynamic stochastic games have a finite number of locally isolated Markov perfect equilibria. These equilibria are essential and strongly stable. Moreover, they all admit...
Persistent link: https://www.econbiz.de/10008562484
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Stochastic stability in monotone economies
Stachurski, John; Kamihigashi, Takashi - In: Theoretical Economics 9 (2014) 2, pp. 383-407
This paper extends a family of well-known stability theorems for monotone economies to a significantly larger class of … models. We provide a set of general conditions for existence, uniqueness and stability of stationary distributions when … monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies …
Persistent link: https://www.econbiz.de/10011599516
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Stochastic stability in monotone economies
Stachurski, John; Kamihigashi, Takashi - In: Theoretical Economics 9 (2014) 2
This paper extends a family of well-known stability theorems for monotone economies to a significantly larger class of … models. We provide a set of general conditions for existence, uniqueness and stability of stationary distributions when … monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies …
Persistent link: https://www.econbiz.de/10010773109