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Promoting coordination in summary-statistic games
Erharter, Dominik - 2013
This paper studies how external incentives can help agents to coordinate in summary-statistic games. Agents follow a myopic best-reply rule and face a trade-off between efficiency and strategic uncertainty. A principal can help agents to coordinate on the Pareto optimal equilibrium by monitoring...
Persistent link: https://www.econbiz.de/10010193864
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Stochastic stability in finite extensive-form games of perfect information
Xu, Zibo - 2013
We consider a basic stochastic evolutionary model with rare mutation and a best-reply (or better-reply) selection mechanism. Following Young's papers, we call a state stochastically stable if its long-term relative frequency of occurrence is bounded away from zero as the mutation rate decreases...
Persistent link: https://www.econbiz.de/10009727120
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Dynamic Learning in Strategic Pricing Games
Stern, Matt - 2020
In monopoly pricing situations, firms should optimally vary prices to learn demand. The variation must be sufficiently high to ensure complete learning. In competitive situations, however, varying prices provides information to competitors and may reduce the value of learning. Such situations...
Persistent link: https://www.econbiz.de/10012836606
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Managing a Non-Cooperative Supply Chain with Limited Capacity
Parker, Rodney P.; Kapuscinski, Roman - 2015
We consider a two-stage serial supply chain with capacity limits, where each installation is operated by managers attempting to minimize their own costs. A multiple-period model is necessitated by the multiple stages, capacity limits, stochastic demand, and the explicit consideration of...
Persistent link: https://www.econbiz.de/10014040384
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Bayesian population dynamics of spreading species
Dragicevic, Arnaud - Département Sciences Sociales, Agriculture et … - 2013
The invasion by the spreading species is one of the most serious threats to biodiversity and ecosystem functioning. Despite a number of empirical and theoretical studies, there is still no general model about why or when settlement becomes invasion. The purpose of this work is to test a model of...
Persistent link: https://www.econbiz.de/10011155485
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Undiscounted bandit games
Keller, Godfrey; Rady, Sven - 2015
We analyze continuous-time games of strategic experimentation with two-armedbandits when there is no discounting. We show that for all specifications of priorbeliefs and payoff-generating processes that satisfy some separability condition, the unique symmetric Markov perfect equilibrium can be...
Persistent link: https://www.econbiz.de/10011345769
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Why Did Putin Invade Ukraine? A Theory of Degenerate Autocracy
Egorov, Georgij V.; Sonin, Konstantin - National Bureau of Economic Research - 2023
Many, if not most, personalistic dictatorships end up with a disastrous decision such as Hitler's attack on the Soviet …. Even if the decision is not ultimately fatal for the regime, such as Mao's Big Leap Forward or the Pol Pot …-informed subordinates have no chance to prevent the decision from being implemented. We offer a dynamic model of non-democratic politics, in …
Persistent link: https://www.econbiz.de/10014250204
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Analytic Hierarchy Process Decision Making Algorithm
Ansah, Richard Hannis; Sorooshian, Shahryar; Bin … - 2015
Decision making in today's world certainly incorporates the consideration of assessment in view of a number of criteria …, instead of a favored single criteria. Solving a multi-criteria decision issue offers decision makers suggestions, regarding … the best decision choices (Alternatives). At the point when discovering the best decision of alternatives, subject to …
Persistent link: https://www.econbiz.de/10014132068
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A Maximum Probability Approach to Short-Run Monetary Policy
Von zur Mühlen, Peter; Tinsley, Peter A. - 2022
The optimal control literature traditionally analyzes linear-quadratic Gaussian (LQG) formulations of macroeconomic policy design where policy planers seek to minimize the distance between a direct target vector y and a vector of aspiration levels y*, using a suitably dimensioned matrix M as a...
Persistent link: https://www.econbiz.de/10013403661
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Paul Samuelson’s critique and equilibriumconcepts in evolutionary game theory
Joosten, Reinoud - Max-Planck-Gesellschaft zur Förderung der Wissenschaften - 2009
We present two new notions of evolutionary stability, the trulyevolutionarily stable state (TESS) and the generalized evolutionarilystable equilibrium (GESE). The GESE generalizes the evolutionar-ily stable equilibrium (ESE) of Joosten [1996]. An ESE attracts allnearby trajectories...
Persistent link: https://www.econbiz.de/10009022153