Negative results in the theory of games with lexicographic utilities
Abstract
When players may have lexicographic utilities, there are: (i) extensive games having a non-empty set of equilibria but empty sets of sequentially rational, sequential and perfect equilibria (ii) normal form games having a non-empty set of equilibria but an empty set of proper equilibria and no stable set of equilibria and (iii) two extensive games having the same normal form representation and disjoint sets of sequential equilibria.Download Info
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Article provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 3 (2003)
Issue (Month): 20 ()
Pages: 1-7
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Handle: RePEc:ebl:ecbull:v:3:y:2003:i:20:p:1-7
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Related research
Keywords: lexicographic expected utility;Find related papers by JEL classification:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
References
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- Peter J. Hammond, 1997.
"Non-Archimedean Subjective Probabilities in Decision Theory and Games,"
Working Papers
97038, Stanford University, Department of Economics.
- Hammond, Peter J., 1999. "Non-Archimedean subjective probabilities in decision theory and games," Mathematical Social Sciences, Elsevier, vol. 38(2), pages 139-156, September.
- David Kreps & Robert Wilson, 1998.
"Sequential Equilibria,"
Levine's Working Paper Archive
237, David K. Levine.
- Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July.
- David M Kreps & Robert Wilson, 2003. "Sequential Equilibria," Levine's Working Paper Archive 618897000000000813, David K. Levine.
- Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Equilibrium Refinements," Econometrica, Econometric Society, vol. 59(1), pages 81-98, January.
- Rajan, Uday, 1998. "Trembles in the Bayesian Foundations of Solution Concepts of Games," Journal of Economic Theory, Elsevier, vol. 82(1), pages 248-266, September.
- E. Kohlberg & J.-F. Mertens, 1998.
"On the Strategic Stability of Equilibria,"
Levine's Working Paper Archive
445, David K. Levine.
- Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September.
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