Showing 51 - 60 of 61
We study dynamic properties of the group action on the simplex that is induced by Bayesian updating. We show that generically the orbits are dense in the simplex, although one must make use of the entire group, hence departing from straightforward Bayesian updating. We demonstrate also the...
Persistent link: https://www.econbiz.de/10012387269
A general selection theorem is presented constructing a measurable mapping from a state space to a parameter space under the assumption that the state space can be decomposed as a collection of countable equivalence classes under a smooth equivalence relation. It is then shown how this selection...
Persistent link: https://www.econbiz.de/10012097983
Levy (2013) presents examples of discounted stochastic games that do not have stationary equilibria. The second named author has pointed out that one of these examples is incorrect. In addition to describing the details of this error, this note presents a new example by the first named author...
Persistent link: https://www.econbiz.de/10010827855
We present an example of a discounted stochastic game with a continuum of states, finitely many players and actions, and deterministic transitions, that possesses no measurable stationary equilibria, or even stationary approximate equilibria. The example is robust to perturbations of the...
Persistent link: https://www.econbiz.de/10010735439
Negative results on the the existence of Bayesian equilibria when state spaces have the cardinality of the continuum have been attained in recent years. This has led to the natural question: are there conditions that characterise when Bayesian games over continuum state spaces have measurable...
Persistent link: https://www.econbiz.de/10010735440
We present a discounted stochastic game with a continuum of states, finitely many players and actions, such that although all transitions are absolutely continuous w.r.t. a fixed measure, it possesses no stationary equilibria. This absolute continuity condition has been assumed in many...
Persistent link: https://www.econbiz.de/10010735441
We construct a continuum of games on a countable set of players that does not possess a measurable equilibrium selection that satisfies a natural homogeneity property. The explicit nature of the construction yields counterexamples to the existence of equilibria in models with overlapping...
Persistent link: https://www.econbiz.de/10010839556
We consider an infinite two-player stochastic zero-sum game with a Borel winning set, in which the opponent's actions are monitored via stochastic private signals. We introduce two conditions of the signalling structure: Stochastic Eventual Perfect Monitoring (SEPM) and Weak Stochastic Eventual...
Persistent link: https://www.econbiz.de/10010839560
Persistent link: https://www.econbiz.de/10005585373
We study non-zero-sum continuous-time stochastic games, also known as continuous-time Markov games, of fixed duration. We concentrate on Markovian strategies. We show by way of example that equilibria need not exist in Markovian strategies, but they always exist in Markovian public-signal...
Persistent link: https://www.econbiz.de/10010617797