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We define the class of two‐player zero‐sum games with payoffs having mild discontinuities, which in applications typically stem from how ties are resolved. For such games, we establish sufficient conditions for existence of a value of the game, maximin and minimax strategies for the players,...
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For an all-pay sealed-bid auction of an item for which each bidder's realized value can depend on every bidder's privately observed signal, existence of equilibria in behavioral strategies is established using only the assumption that bidders' value functions and the density function of signals...
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A first-price sealed-bid auction of an item for which bidders are risk-neutral and have privately known values is shown to have an equilibrium in mixed behavioral strategies if the joint distribution of bidders' values has a continuous density on a cubical support. Such an equilibrium has...
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For two symmetric bidders, weak monotonicity conditions are shown to imply existence of an equilibrium in mixed behavioral strategies for a sealed-bid first-price auction of an item for which each bidder's value depends on every bidder's observed signal. Such an equilibrium has atomless...
Persistent link: https://www.econbiz.de/10010627767
We define the class of two-player zero-sum games with payoffs having mild discontinuities, which in applications typically stem from how ties are resolved. For games in this class we establish sufficient conditions for existence of a value of the game and minimax or Nash equilibrium strategies...
Persistent link: https://www.econbiz.de/10010561511
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