Equilibrium paths in discounted supergames
نویسندگان
چکیده
منابع مشابه
Fractal Geometry of Equilibrium Payoffs in Discounted Supergames
This paper examines the pure-strategy subgame-perfect equilibrium payoffs in discounted supergames with perfect monitoring. It is shown that the payoff sets are typically fractals unless they are full-dimensional, which may happen when the discount factors are large enough. More specifically, the equilibrium payoffs can be identified as subsets of self-affine sets or graph-directed self-affine ...
متن کاملSupergames in Electricity Markets: beyond the Nash Equilibrium Concept †
The periodical repetition of market conditions over time leads to the repeated playing of similar games (or supergames) by participants in electricity markets. This repetition of games tempts participants to walk away from the best-response equilibrium strategies provided by Nash solutions. Although Nash solutions make theoretical sense in non-repeated games, their applicability in repeated gam...
متن کاملEquilibrium Driven by Discounted Dividend Volatility
We derive representations for the stock price drift and volatility in the equilibrium of agents with arbitrary, heterogeneous utility functions and with the aggregate dividend following an arbitrary Markov diffusion. We introduce a new, intrinsic characteristic of the aggregate dividend process that we call the ”rate of discounting volatility” and show that, in equilibrium, the size of market p...
متن کاملLong Run Equilibrium in Discounted Stochastic Fictitious Play
In this paper we develop methods to analyze the long run behavior of models with multiple equilibria, and we apply them to a well known model of learning in games. Our methods apply to discrete-time continuous-state stochastic models, and as a particular application in we study a model of stochastic fictitious play. We focus on a variant of this model in which agents’ payoffs are subject to ran...
متن کاملMultistage Game Models and Delay Supergames
The order of stages in a multistage game is often interpreted by looking at earlier stages as involving more long term decisions. For the purpose of making this interpretation precise, the notion of a delay supergame of a bounded multistage game is introduced. A multistage game is bounded if the length of play has an upper bound. A delay supergame is played over many periods. Decisions on all s...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Discrete Applied Mathematics
سال: 2019
ISSN: 0166-218X
DOI: 10.1016/j.dam.2019.01.026