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Decision making in dynamic stochastic Cournot games

Kebriaei, Hamed; Rahimi-Kian, Ashkan - In: Mathematics and Computers in Simulation (MATCOM) 81 (2011) 6, pp. 1202-1217

In this paper, the Cournot competition is modeled as a stochastic dynamic game. In the proposed model, a stochastic market price function and stochastic dynamic decision functions of the rivals are considered. Since the optimal decision of a player needs the estimation of the unknown parameters...

Persistent link: https://www.econbiz.de/10011051165

Stay-in-a-set games

Secchi, Piercesare; Sudderth, William D. - In: International Journal of Game Theory 30 (2002) 4, pp. 479-490

There exists a Nash equilibrium (-Nash equilibrium) for every n-person stochastic game with a finite (countable) state space and finite action sets for the players if the payoff to each player i is one when the process of states remains in a given set of states Gi and is zero otherwise.

Persistent link: https://www.econbiz.de/10005598527

Understanding Fixed Point Theorems

Arnold, Lutz G. - Wirtschaftswissenschaftliche Fakultät, Universität … - 2003

Fixed point theorems are the standard tool used to prove the existence of equilibria in mathematical economics. This paper shows how to prove a slight generalization of Brouwer's and Kakutani's fixed point theorems using the familiar techniques of drawing and shifting curves in the plane and is,...

Persistent link: https://www.econbiz.de/10005607526

Classical, Modern, and New Garne Theory

Holler, Manfred J. - In: Journal of Economics and Statistics (Jahrbuecher fuer … 222 (2002) 5, pp. 556-583

This paper is a brief history of game theory with its main theme being the nature of the decision makers assumed in the … what many believe to be progress in game theory. The first stage, classical game theory, is defined by John von Neumann …'s and Oskar Morgenstern's pioneering book "Game Theory and Economic Behaviour" which introduced the concept of individual …

Persistent link: https://www.econbiz.de/10008633413

N-Person stochastic games with upper semi-continuous payoffs

Secchi, Piercesare; Sudderth, William D. - In: International Journal of Game Theory 30 (2002) 4, pp. 491-502

Every n-person stochastic game with a countable state space, finite action sets for the players and bounded, upper semi-continuous payoffs has an -equilibrium for every >0.

Persistent link: https://www.econbiz.de/10005375561

Stochastic Games with Hidden States

Yamamoto, Yuichi - Department of Economics, University of Pennsylvania - 2015

This paper studies infinite-horizon stochastic games in which players observe noisy public information about a hidden state each period. We find that if the game is connected, the limit feasible payoff set exists and is invariant to the initial prior about the state. Building on this invariance...

Persistent link: https://www.econbiz.de/10011165806

Stationary Markov Perfect Equilibria in Discounted Stochastic Games

He, Wei; Sun, Yeneng - Volkswirtschaftliche Fakultät, … - 2013

The existence of stationary Markov perfect equilibria in stochastic games is shown in several contexts under a general condition called "coarser transition kernels". These results include various earlier existence results on correlated equilibria, noisy stochastic games, stochastic games with...

Persistent link: https://www.econbiz.de/10011113288

Mashiah-Yaakovi, Ayala - In: Dynamic Games and Applications 5 (2015) 1, pp. 120-135

<Para ID="Par1">An autonomous correlation device in a multistage game is a device that, before every stage, chooses for each player a private signal, possibly in a correlated way, and reveals to each player the signal chosen for him. The chosen signals depend only on previous signals, and not on the actions of...</para>

Persistent link: https://www.econbiz.de/10011241588

A Discounted Stochastic Game with No Stationary Nash Equilibrium

Levy, Yehuda John - Center for the Study of Rationality, Hebrew University … - 2012

We present an example of a discounted stochastic game with a continuum of states, finitely many players and actions, and deterministic transitions, that possesses no measurable stationary equilibria, or even stationary approximate equilibria. The example is robust to perturbations of the...

Persistent link: https://www.econbiz.de/10010735439

Expectations of Bailout and Collective Moral Hazard

Horniaček, Milan - In: Czech Economic Review 8 (2014) 1, pp. 33-54

We analyze an infinite horizon stochastic game with discounting of future single period payoffs that models interaction between Cournot duopolists producing differentiated products. There are two states of demand for an output of each firm. The probabilities of their occurrence depend on random...

Persistent link: https://www.econbiz.de/10010894097