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Robust Predictions In Games With Incomplete Information
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Book Synopsis Robust Predictions in Games with Incomplete Information by : Dirk Bergemann
Download or read book Robust Predictions in Games with Incomplete Information written by Dirk Bergemann and published by . This book was released on 2013 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze games of incomplete information and offer equilibrium predictions which are valid for, and in this sense robust to, all possible private information structures that the agents may have. The set of outcomes that can arise in equilibrium for some information structure is equal to the set of Bayes correlated equilibria. We completely characterize the set of Bayes correlated equilibria in a class of games with quadratic payoffs and normally distributed uncertainty in terms of restrictions on the first and second moments of the equilibrium action-state distribution. We derive exact bounds on how prior knowledge about the private information refines the set of equilibrium predictions.We consider information sharing among firms under demand uncertainty and find new optimal information policies via the Bayes correlated equilibria. We also reverse the perspective and investigate the identification problem under concerns for robustness to private information. The presence of private information leads to set rather than point identification of the structural parameters of the game.
Book Synopsis Informationally Robust Comparative Statics in Incomplete Information Games by : Tibor Heumann
Download or read book Informationally Robust Comparative Statics in Incomplete Information Games written by Tibor Heumann and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: A continuum of agents play an incomplete information game with continuous action. An agent's best-response function is linear on his expectation of a common payoff shock and the average action taken by the other agents. The interaction parameter is the weight that an agent places on the actions of the other agents. We give informationally robust predictions of the impact that a marginal change in the interaction parameter has on the agents' equilibrium expected utility for any given equilibrium outcome. Our predictions are informationally robust in the sense that they hold across all information structures that are consistent with the observed equilibrium outcome. We express our informationally robust predictions solely in terms of the equilibrium outcome; this gives a “Bayes-correlated-equilibrium approach” to comparative statics (cf. Bergemann and Morris (2013); Bergemann and Morris (2016)). The results are applied to give robust predictions on the impact that a marginal change in the interaction parameter has on any other statistics of the equilibrium outcome (e.g., other measures of total welfare or the actions' volatility). We use our results to study a competitive market with dispersed information (cf. Guesnerie (1992); Vives (1993)); we give robust predictions of the impact that a marginal change in the elasticity of the demand has on the firms' profits. We also use our results to study economies that are inefficient when agents have dispersed information (cf. Morris and Shin (2002); Angeletos and Pavan (2007)); we give robust predictions of the impact that a marginal change in a tax rate has on the total welfare.
Book Synopsis Essays on Games with Incomplete Information by : Ziwei Wang
Download or read book Essays on Games with Incomplete Information written by Ziwei Wang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of game theory has advanced our understanding of strategic interactions and economic behaviors. In applications, we economists often use parsimonious game-theoretic models to help us make sharp predictions. However, these models are associated with strong, sometimes unwarranted, common knowledge assumptions about players' payoffs and information. In order to make our predictions realistic and reliable, we need to embed these models into larger and more comprehensive ones, and then perform analysis that are robust to the relaxation of common knowledge assumptions. This dissertation contains three chapters that study various game-theoretic frameworks with incomplete information and investigate the implications of weakened assumptions. The first chapter proposes a new notion of stability to study matching markets with one-sided incomplete information. A key contribution is to formulate a proper definition of uninformed agents' endogenous beliefs and a self-consistency condition on those beliefs. We define a criterion of stability for a given set of outcomes, and then iteratively apply this criterion to remove outcomes that cannot be deemed stable. Our solution concept, the set of rationalizable stable outcomes, is the limit of this procedure. We prove the existence of rationalizable stable outcomes using a fixed-point characterization. We then provide two additional characterizations of our solution concept. The first characterization links the non-equilibrium approach we pursue to the equilibrium approach pioneered by Liu (2020). The second one reveals the epistemic assumptions implicit in the iterative definition. In the second chapter, we study standard auctions and compare their minimum expected revenues across all information structures. We show that, for a given symmetric common prior of values among bidders, if the seller is uncertain about the correct model of bidders' interim beliefs and evaluates her expected revenue by the worst-case scenario, the all-pay auction performs weakly worse than does the first-price auction. Specifically, we first provide a revenue equivalence result of standard auction formats under the "worst-case" information structure constructed in Bergemann et al. (2017a), which implies that the minimum expected revenue of the all-pay auction never exceeds that of a first-price auction. We then construct an example to illustrate that the all-pay auction can generate strictly lower expected revenue in some cases. The third chapter studies predictions that are robust against higher order payoff uncertainty in dynamic games. Common knowledge among players is captured by a preference-information structure, while a type space is used as a concise model of players' initial beliefs. We formulate an interim version of extensive form rationalizability (EFR) and use this solution concept as the starting point of our robustness analysis. Employing a collection-based approach, we provide conditions that fully characterize (i) what refinements of EFR are robust, (ii) when a Structure Theorem (Weinstein and Yildiz, 2007) of EFR holds, and (iii) when the prediction of EFR is generically unique. We then apply these results to study robust refinements of EFR when there is higher order uncertainty about privacy of information or about observability of actions. These applications demonstrate the power of our results and generate interesting observations in dynamic environments.
Book Synopsis The Robustness of Equilibria to Incomplete Information by : Atsushi Kajii
Download or read book The Robustness of Equilibria to Incomplete Information written by Atsushi Kajii and published by . This book was released on 1995 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Algorithmic Game Theory by : Panagiotis Kanellopoulos
Download or read book Algorithmic Game Theory written by Panagiotis Kanellopoulos and published by Springer Nature. This book was released on 2022-09-13 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the proceedings of the 15th International Symposium on Algorithmic Game Theory, SAGT 2022, which took place in Colchester, UK, in September 2022. The 31 full papers included in this book were carefully reviewed and selected from 83 submissions. They were organized in topical sections as follows: Auctions, markets and mechanism design; computational aspects in games; congestion and network creation games; data sharing and learning; social choice and stable matchings.
Book Synopsis Robust Mechanism Design: The Role Of Private Information And Higher Order Beliefs by : Dirk Bergemann
Download or read book Robust Mechanism Design: The Role Of Private Information And Higher Order Beliefs written by Dirk Bergemann and published by World Scientific. This book was released on 2012-03-22 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword by Eric Maskin (Nobel Laureate in Economics, 2007)This volume brings together the collected contributions on the theme of robust mechanism design and robust implementation that Dirk Bergemann and Stephen Morris have been working on for the past decade. The collection is preceded by a comprehensive introductory essay, specifically written for this volume with the aim of providing the readers with an overview of the research agenda pursued in the collected papers.The introduction selectively presents the main results of the papers, and attempts to illustrate many of them in terms of a common and canonical example, namely a single unit auction with interdependent values. It is our hope that the use of this example facilitates the presentation of the results and that it brings the main insights within the context of an important economic mechanism, namely the generalized second price auction.
Book Synopsis Theoretical Aspects of Rationality and Knowledge by : Dov Samet
Download or read book Theoretical Aspects of Rationality and Knowledge written by Dov Samet and published by Presses univ. de Louvain. This book was released on 2007 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The biannual conferences bring together researchers from a wide variety of fields sharing a common interest in reasoning about rationality and knowledge. the impact of this tradition, going back to 1986, is apparent in many of today's research trends and in the growth of an intellectual community beyond traditional disciplinary boundaries. this volume documents the eleventh conference, held in Brussels, Belgium, in June 2007. it includes contributed papers, 3 invited talks. Like earlier volumes in this series, it gives a window of the state of the art in studies of knowledge and information flow in areas such as probability, linguistic semantics, logics for communication, belief revision, game theory, and interactions between these. should be of value for researchers, teachers, and students alike.
Book Synopsis Game Theoretic Analysis by : Leon A Petrosyan
Download or read book Game Theoretic Analysis written by Leon A Petrosyan and published by World Scientific. This book was released on 2019-10-14 with total page 621 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of recent novel contributions in game theory from a group of prominent authors in the field. It covers Non-cooperative Games, Equilibrium Analysis, Cooperative Games and Axiomatic Values in static and dynamic contexts.Part 1: Non-cooperative Games and Equilibrium AnalysisIn game theory, a non-cooperative game is a game with competition between individual players and in which only self-enforcing (e.g. through credible threats) alliances (or competition between groups of players, called 'coalitions') are possible due to the absence of external means to enforce cooperative behavior (e.g. contract law), as opposed to cooperative games. In fact, non-cooperative games are the foundation for the development of cooperative games by acting as the status quo. Non-cooperative games are generally analysed through the framework of equilibrium, which tries to predict players' individual strategies and payoffs. Indeed, equilibrium analysis is the centre of non-cooperative games. This volume on non-cooperative games and equilibrium analysis contains a variety of non-cooperative games and non-cooperative game equilibria from prominent authors in the field.Part 2: Cooperative Games and Axiomatic ValuesIt is well known that non-cooperative behaviours, in general, would not lead to a Pareto optimal outcome. Highly undesirable outcomes (like the prisoner's dilemma) and even devastating results (like the tragedy of the commons) could appear when the involved parties only care about their individual interests in a non-cooperative situation. Cooperative games offer the possibility of obtaining socially optimal and group efficient solutions to decision problems involving strategic actions. In addition, axiomatic values serve as guidance for establishing cooperative solutions. This volume on cooperative games and axiomatic values presents a collection of cooperative games and axiomatic values from prominent authors in the field.
Book Synopsis Handbook of Macroeconomics by : John B. Taylor
Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 2016-12-01 with total page 1376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Macroeconomics surveys all major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues. It courageously examines why existing models failed during the financial crisis, and also addresses well-deserved criticism head on. With contributions from the world's chief macroeconomists, its reevaluation of macroeconomic scholarship and speculation on its future constitute an investment worth making. - Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research - Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade
Book Synopsis Structural Econometric Modeling in Industrial Organization and Quantitative Marketing by : Ali Hortaçsu
Download or read book Structural Econometric Modeling in Industrial Organization and Quantitative Marketing written by Ali Hortaçsu and published by Princeton University Press. This book was released on 2023-10-24 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise and rigorous introduction to widely used approaches in structural econometric modeling Structural econometric modeling specifies the structure of an economic model and estimates the model’s parameters from real-world data. Structural econometric modeling enables better economic theory–based predictions and policy counterfactuals. This book offers a primer on recent developments in these modeling techniques, which are used widely in empirical industrial organization, quantitative marketing, and related fields. It covers such topics as discrete choice modeling, demand modes, estimation of the firm entry models with strategic interactions, consumer search, and theory/empirics of auctions. The book makes highly technical material accessible to graduate students, describing key insights succinctly but without sacrificing rigor. • Concise overview of the most widely used structural econometric models • Rigorous and systematic treatment of the topics, emphasizing key insights • Coverage of demand estimation, estimation of static and dynamic game theoretic models, consumer search, and auctions • Focus on econometric models while providing concise reviews of relevant theoretical models
Book Synopsis Repeated Games with Incomplete Information by : Robert J. Aumann
Download or read book Repeated Games with Incomplete Information written by Robert J. Aumann and published by MIT Press. This book was released on 1995 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The basic model studied throughout the book is one in which players ignorant about the game being played must learn what they can from the actions of the others.
Book Synopsis Robust Equilibrium Analysis in Games with Uncertainty by : Ignacio Esponda
Download or read book Robust Equilibrium Analysis in Games with Uncertainty written by Ignacio Esponda and published by . This book was released on 2006 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Leading from the Periphery and Network Collective Action by : Navid Hassanpour
Download or read book Leading from the Periphery and Network Collective Action written by Navid Hassanpour and published by Cambridge University Press. This book was released on 2017-02-17 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political revolutions, economic meltdowns, mass ideological conversions and collective innovation adoptions occur often, but when they do happen, they tend to be the least expected. Based on the paradigm of 'leading from the periphery', this groundbreaking analysis offers an explanation for such spontaneity and apparent lack of leadership in contentious collective action. Contrary to existing theories, the author argues that network effects in collective action originating from marginal leaders can benefit from a total lack of communication. Such network effects persist in isolated islands of contention instead of overarching action cascades, and are shown to escalate in globally dispersed, but locally concentrated networks of contention. This is a trait that can empower marginal leaders and set forth social dynamics distinct from those originating in the limelight. Leading from the Periphery and Network Collective Action provides evidence from two Middle Eastern uprisings, as well as behavioral experiments of collective risk-taking in social networks.
Book Synopsis Web and Internet Economics by : Michal Feldman
Download or read book Web and Internet Economics written by Michal Feldman and published by Springer Nature. This book was released on 2022-01-20 with total page 563 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 17th International Conference on Web and Internet Economics, WINE 2021, which was held online during December 14-17, 2021. The conference was originally planned to take place in Potsdam, Germany, but changed to a virtual event due to the COVID-19 pandemic. The 41 full papers presented in this volume were carefully reviewed and selected from 146 submissions. They were organized in topical sections as follows: mechanism design and pricing; matching, markets and equilibria; learning, fairness, privacy and behavioral models; social choice and cryptocurrencies.
Download or read book Game Theory written by Drew Fudenberg and published by MIT Press. This book was released on 1991-08-29 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This advanced text introduces the principles of noncooperative game theory in a direct and uncomplicated style that will acquaint students with the broad spectrum of the field while highlighting and explaining what they need to know at any given point. This advanced text introduces the principles of noncooperative game theory—including strategic form games, Nash equilibria, subgame perfection, repeated games, and games of incomplete information—in a direct and uncomplicated style that will acquaint students with the broad spectrum of the field while highlighting and explaining what they need to know at any given point. The analytic material is accompanied by many applications, examples, and exercises. The theory of noncooperative games studies the behavior of agents in any situation where each agent's optimal choice may depend on a forecast of the opponents' choices. "Noncooperative" refers to choices that are based on the participant's perceived selfinterest. Although game theory has been applied to many fields, Fudenberg and Tirole focus on the kinds of game theory that have been most useful in the study of economic problems. They also include some applications to political science. The fourteen chapters are grouped in parts that cover static games of complete information, dynamic games of complete information, static games of incomplete information, dynamic games of incomplete information, and advanced topics.
Book Synopsis Decision and Game Theory for Security by : Jie Fu
Download or read book Decision and Game Theory for Security written by Jie Fu and published by Springer Nature. This book was released on 2024-01-29 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 14th International Conference on Decision and Game Theory for Security, GameSec 2023, held in Avignon, France, during October 18–20, 2023. The 19 full papers and 4 short papers included in this book were carefully reviewed and selected from 33 submissions. They were organized in topical sections as follows: Mechanism design and imperfect information, Security Games, Learning in security games, Cyber deception, Economics of security, Information and privacy and Short articles.
Book Synopsis Handbook of Economic Expectations by : Ruediger Bachmann
Download or read book Handbook of Economic Expectations written by Ruediger Bachmann and published by Elsevier. This book was released on 2022-11-04 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Economic Expectations discusses the state-of-the-art in the collection, study and use of expectations data in economics, including the modelling of expectations formation and updating, as well as open questions and directions for future research. The book spans a broad range of fields, approaches and applications using data on subjective expectations that allows us to make progress on fundamental questions around the formation and updating of expectations by economic agents and their information sets. The information included will help us study heterogeneity and potential biases in expectations and analyze impacts on behavior and decision-making under uncertainty. - Combines information about the creation of economic expectations and their theories, applications and likely futures - Provides a comprehensive summary of economics expectations literature - Explores empirical and theoretical dimensions of expectations and their relevance to a wide array of subfields in economics
