Consider a repeated game where all players follow no-regret strategies by reinforcing the actions that they regret not having played enough in the past. We show that a resulting no-regret dynamic approaches in the long run a best-response dynamic and leads to its invariant sets: rest points...

We study the following game: each agent i chooses a lottery over nonnegative numbers whose expectation is equal to his budget b_i. The agent with the highest realized outcome wins and agents only care about winning). This game is motivated by various real-world settings where agents each choose...

Potential based no-regret dynamics are shown to be related to fictitious play. Roughly, these are ε-best reply dynamics where ε is the maximal regret, which vanishes with time. This allows for alternative and sometimes much shorter proofs of known results on convergence of no-regret dynamics...

Nash equilibrium presumes that players have expected utility preferences, and therefore the beliefs of each player are represented by a probability measure. Motivated by Ellsberg-type behavior, which contradicts the probabilistic representation of beliefs, we generalize Nash equilibrium in...

I characterize the class of (possibly incomplete) preference relations over lotteries which can be represented by a compact set of (continuous) expected utility functions that preserve both indifferences and strict preferences. This finding contrasts with the representation theorem of Dubra,...

In classic game theory, agents use mixed strategies in the form of objective and probabilistically precise devices to conceal their actions. We introduce the larger set of probabilistically imprecise devices as strategies and study the consequences for the basic results of normal form games....

This paper develops a structural model for obtaining price elasticities and evaluating consumer’s response to changes in nonlinear tariffs when only panel data on household consumption are available. The model and the empirical strategy address problems implied by nonlinear tariffs, existence...