Hirshleifer, Jack; Rasmusen, Eric - In: Journal of Theoretical Politics 4 (1992) 3, pp. 353-367
In a mixed-strategy Nash equilibrium, changing one player's payoffs affects only the other player's equilibrium strategy mix. This `Payoff Irrelevance Proposition' (PIP) appears to undercut the main foundations of economic policy analysis since, allegedly, equilibrium behavior will not respond...