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This paper disentangles the topological assumptions of classical results (e.g., Walker (1977)) on existence of maximal elements from rationality conditions. It is known from the social choice literature that under the standard topological conditions-with no other restrictions on...
Persistent link: https://www.econbiz.de/10009210901
We prove existence and purification results for equilibria in which players choose extreme points of their feasible actions in a class of strategic environments exhibiting a product structure. We assume finite-dimensional action sets and allow for infinite-dimensional externalities. Applied to...
Persistent link: https://www.econbiz.de/10009352261
This paper establishes existence of a stationary Markov perfect equilibrium in general stochastic games with noise—a component of the state that is nonatomically distributed and not directly affected by the previous period’s state and actions. Noise may be simply a...
Persistent link: https://www.econbiz.de/10009646018
Persistent link: https://www.econbiz.de/10010751633
This paper establishes existence of a stationary Markov perfect equilibrium in general stochastic games with noise a component of the state that is nonatomically distributed and not directly affected by the previous periods state and actions. Noise may be simply a payoff irrelevant public...
Persistent link: https://www.econbiz.de/10009144748