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Uncertainty Aversion And Equilibrium Existence In Games With Incomplete Information
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Book Synopsis Uncertainty Aversion and Equilibrium Existence in Games with Incomplete Information by : Yaron Azrieli
Download or read book Uncertainty Aversion and Equilibrium Existence in Games with Incomplete Information written by Yaron Azrieli and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider games with incomplete information a la Harsanyi, where the payoff of a player depends on an unknown state of nature as well as on the profile of chosen actions. As opposed to the standard model, players' preferences over state--contingent utility vectors are represented by arbitrary functionals. The definitions of Nash and Bayes equilibria naturally extend to this generalized setting. We characterize equilibrium existence in terms of the preferences of the participating players. It turns out that, given continuity and monotonicity of the preferences, equilibrium exists in every game if and only if all players are averse to uncertainty (i.e., all the functionals are quasi--concave). We further show that if the functionals are either homogeneous or translation invariant then equilibrium existence is equivalent to concavity of the functionals.
Book Synopsis Equilibrium Existence in Games with Incomplete Information by : Nabil I. Al-Najjar
Download or read book Equilibrium Existence in Games with Incomplete Information written by Nabil I. Al-Najjar and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Existence of Equilibria in Incomplete Information Games with Disturbed Payoffs by : Brian John Crone
Download or read book Existence of Equilibria in Incomplete Information Games with Disturbed Payoffs written by Brian John Crone and published by . This book was released on 1990 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Purification Problem for Constrained Games with Incomplete Information by : Helmut Meister
Download or read book The Purification Problem for Constrained Games with Incomplete Information written by Helmut Meister and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: The approach presented in this book combines two aspects of generalizations of the noncooperative game as developed by Nash. First, players choose their acts dependent on certain information variables, and second there are constraints on the sets of decisions for players. After the derivation of a general (Nash)equilibrium existence theorem, some results from purification theory are used to prove the existence of an approximate equilibrium in pure strategies, that is in nonrandomized decision functions. For some types of payoff-functions and constraints, these games prove to have an (exact) equilibrium in pure strategies. The reason for considering constrained games with incomplete information is that, apart from their game-theoretic importance, they have rather widespread application. Market games with a continuum of traders as well as some statistical decision problems are covered with this approach.
Book Synopsis Essays on the Existence of Equilibria in Games by : Idione Meneghel
Download or read book Essays on the Existence of Equilibria in Games written by Idione Meneghel and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The question of existence of a Nash equilibrium is one of the most important questions in game theory. This thesis aims to advance our understanding of the question in two broad directions: 1) by providing weaker sets of sufficient conditions; and 2) by introducing novel techniques, which allow for straightforward proofs and results that give new economic insights. Discontinuous games: This project considers the existence problem in games in which strategy sets are compact and convex, but preferences of the players are represented by numerical functions that may not be continuous. One way to show existence of equilibrium in such games is to apply the 'better reply security' logic, introduced by Reny (1999), combined with some form of quasiconcavity of utility functions. As long as players have securing strategies that are robust to other players' small deviations, one can show that the game has an equilibrium. The novelty of the techniques used relies in combining three main ideas: 1) a local continuous selection of each player's strict upper contour set; 2) the idea of activating different players locally; and 3) a weak notion of convexity of preferences. Bayesian games: Games of incomplete information have been shown to apply to a huge variety of economic, political and other social interactions. Still, the question of existence of equilibria in such games has been largely dealt with on a case-by-case basis. That is, given a particular game with incomplete information, one has to find the equilibrium to prove that it exists. The reason is that the usual tools to prove existence (continuous and quasiconcave payoffs defined on convex and compact strategy sets) do not apply to the general framework of games with incomplete information. This project investigates sufficient conditions for the existence of pure-strategy Nash equilibrium in games of incomplete information. The assumption of nonatomicity of the distribution of types allows for an analysis that does not require convexity assumptions on action spaces and/or payoff functions"--Pages iv-v.
Book Synopsis The Alternative to Equilibrium Existence by : David Rahman
Download or read book The Alternative to Equilibrium Existence written by David Rahman and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rationality, uncertainty aversion and equilibrium concepts in normal and extensive form games by : Jörn Rothe
Download or read book Rationality, uncertainty aversion and equilibrium concepts in normal and extensive form games written by Jörn Rothe and published by . This book was released on 1999 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Game Theory by : Petyon Young
Download or read book Handbook of Game Theory written by Petyon Young and published by Elsevier. This book was released on 2014-10-01 with total page 1025 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ability to understand and predict behavior in strategic situations, in which an individual’s success in making choices depends on the choices of others, has been the domain of game theory since the 1950s. Developing the theories at the heart of game theory has resulted in 8 Nobel Prizes and insights that researchers in many fields continue to develop. In Volume 4, top scholars synthesize and analyze mainstream scholarship on games and economic behavior, providing an updated account of developments in game theory since the 2002 publication of Volume 3, which only covers work through the mid 1990s. Focuses on innovation in games and economic behavior Presents coherent summaries of subjects in game theory Makes details about game theory accessible to scholars in fields outside economics
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 Cournot Nash Equilibrium Distribution of Games with Uncertainty and Imperfect Information by : M. Ali Khan
Download or read book Cournot Nash Equilibrium Distribution of Games with Uncertainty and Imperfect Information written by M. Ali Khan and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trembles in Extensive Games with Ambiguity Averse Players by : Gaurab Aryal
Download or read book Trembles in Extensive Games with Ambiguity Averse Players written by Gaurab Aryal and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We introduce and analyze three definitions of equilibrium for finite extensive games with imperfect information and ambiguity averse players. In a setting where players' preferences are represented by maxmin expected utility, as characterized in Gilboa and Schmeidler (1989), our definitions capture the intuition that players may consider the possibility of slight arbitrary mistakes. This generalizes the idea leading to trembling-hand perfect equilibrium as introduced in Selten (1975), by allowing for ambiguous trembles characterized by sets of distributions. We prove existence for two of our equilibrium notions, and relate our de finitions to standard equilibrium concepts with expected utility maximizing players. Our analysis shows that ambiguity aversion can lead to behavioral implications that are distinct from those attained under expected utility maximization, even if ambiguous beliefs only arise from the possibility of slight mistakes in the implementation of unambiguous strategies.
Book Synopsis Essays in Uncertainty and Incomplete Information by : Sumantra Sen
Download or read book Essays in Uncertainty and Incomplete Information written by Sumantra Sen and published by . This book was released on 2003 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory of Decision Under Uncertainty by : Itzhak Gilboa
Download or read book Theory of Decision Under Uncertainty written by Itzhak Gilboa and published by Cambridge University Press. This book was released on 2009-03-16 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.
Book Synopsis Cournot-Nash Equilibrium Distributions of Games with Uncertainty and Imperfect Information by : M. Ali Khan
Download or read book Cournot-Nash Equilibrium Distributions of Games with Uncertainty and Imperfect Information written by M. Ali Khan and published by . This book was released on 1989 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Belief-Free Equilibria in Games with Incomplete Information by : Johannes Horner
Download or read book Belief-Free Equilibria in Games with Incomplete Information written by Johannes Horner and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We characterize belief-free equilibria in infinitely repeated games with incomplete information with N ge 2 players and arbitrary information structures. This characterization involves a new type of individual rational constraint linking the lowest equilibrium payoffs across players. The characterization is tight: we define a set of payoffs that contains all the belief-free equilibrium payoffs; conversely, any point in the interior of this set is a belief-free equilibrium payoff vector when players are sufficiently patient. Further, we provide necessary conditions and sufficient conditions on the information structure for this set to be non-empty, both for the case of known-own payoffs, and for arbitrary payoffs.
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
Book Synopsis Game Theory, Alive by : Anna R. Karlin
Download or read book Game Theory, Alive written by Anna R. Karlin and published by American Mathematical Soc.. This book was released on 2017-04-27 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: We live in a highly connected world with multiple self-interested agents interacting and myriad opportunities for conflict and cooperation. The goal of game theory is to understand these opportunities. This book presents a rigorous introduction to the mathematics of game theory without losing sight of the joy of the subject. This is done by focusing on theoretical highlights (e.g., at least six Nobel Prize winning results are developed from scratch) and by presenting exciting connections of game theory to other fields such as computer science (algorithmic game theory), economics (auctions and matching markets), social choice (voting theory), biology (signaling and evolutionary stability), and learning theory. Both classical topics, such as zero-sum games, and modern topics, such as sponsored search auctions, are covered. Along the way, beautiful mathematical tools used in game theory are introduced, including convexity, fixed-point theorems, and probabilistic arguments. The book is appropriate for a first course in game theory at either the undergraduate or graduate level, whether in mathematics, economics, computer science, or statistics. The importance of game-theoretic thinking transcends the academic setting—for every action we take, we must consider not only its direct effects, but also how it influences the incentives of others.
