Knightian uncertainty leads naturally to nonlinear expectations. We introduce a corresponding equilibrium concept with sublinear prices and establish their existence. In general, such equilibria lead to Pareto inefficiency and coincide with Arrow-Debreu equilibria only if the values of net...

The present note analyzes the Simultaneous Ascending Bid Auction with arbitrarily many bidders with decreasing marginal valuations under complete information. We show that the game is solvable by iterated elimination of weakly dominated strategies if the efficient allocation assigns at least one...

In John Nash’s proofs for the existence of (Nash) equilibria based on Brouwer’s theorem, an iteration mapping is used. A continuoustime analogue of the same mapping has been studied even earlier by Brown and von Neumann. This differential equation has recently been suggested as a plausible...

The replicator equation model for the evolution of individual behaviors in a single-species with a multi-dimensional continuous trait space is developed as a dynamics on the set of probability measures. Stability of monomorphisms in this model using the weak topology is compared to more...