We examine contemporaneous perfect equilibria, in which a player's actions after every history, evaluated at the point of deviation from the equilibrium, must be within of a best response. This concept implies, but is not implied by Radner's ex ante perfect equilibrium. A strategy profile is a...

In an intertemporal general equilibrium framework, we compare a Cournot equilibrium to the Walras equilibrium. The Cournot agents trade and invest less than the Walras agents. This generates an ineffciency which does not vanish as the number of Cournot agents tends to infinity. A larger number...

This paper characterizes an equilibrium payoff subset for dynamic Bayesian games as discounting vanishes. Monitoring is imperfect, transitions may depend on actions, types may be correlated and values may be interdependent. The focus is on equilibria in which players report truthfully. The...

A simple sufficient condition is proved for symmetric Markov subgame perfect Nash equilibria in public-good differential games with a single state variable. The condition admits equilibria in feedback strategies that have discontinuous dependence on the state variable. The application of the...

Traditional game theory studies strategic interactions in which the agents make rational decisions. Evolutionary game theory differs in two key respects: the focus is on large populations of individuals who interact at random rather than on small numbers of players; and individuals are assumed...

The repeated game literature studies long run/repeated interactions, aiming to understand how repetition may foster cooperation. Conditioning future behavior on past play is crucial in this endeavor. For most situations of interest a given player does not directly observe the actions chosen by...

This paper characterizes an equilibrium payoff subset for Markovian games with private information as discounting vanishes. Monitoring is imperfect, transitions may depend on actions, types be correlated and values interdependent. The focus is on equilibria in which players report truthfully....

We consider global games with general payoff structures and prove existence of equilibrium. This shows that the global games method is well-defined with arbitrary strategic interaction among players, thus providing a foundation for the study of more general equilibrium behavior, especially as...

In dynamic environments, Q-learning is an adaptative rule that provides an estimate (a Q-value) of the continuation value associated with each alternative. A naive policy consists in always choosing the alternative with highest Q-value. We consider a family of Q-based policy rules that may...

In the game of rock-paper-scissors with three players, this paper identifies conditions for a correlated equilibrium that differs from the mixed strategy Nash equilibrium and is evolutionarily stable. For this to occur, the correlation device attaches more probability to three-way ties and...