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Imperfectly Observable Commitments inn-Player Games

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  • Guth, Werner
  • Kirchsteiger, Georg
  • Ritzberger, Klaus

Abstract

In a two-stage extensive form game where followers can observe moves by leaders only with noise, pure subgame perfect Nash equilibria of the limiting game without noise may not survive arbitrarily small noise. Still, for generic games, there is always at least one subgame perfect equilibrium outcome of the game with no noise that is approximated by equilibrium outcomes of games with small noise. This, however, depends crucially on generic payoffs.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 23 (1998)
Issue (Month): 1 (April)
Pages: 54-74

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Handle: RePEc:eee:gamebe:v:23:y:1998:i:1:p:54-74

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Web page: http://www.elsevier.com/locate/inca/622836

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References

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  1. Damme, E.E.C. van & Hurkens, J.P.M., 1997. "Games with imperfectly observable commitment," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74216, Tilburg University.
  2. E. Kohlberg & J.-F. Mertens, 1998. "On the Strategic Stability of Equilibria," Levine's Working Paper Archive 445, David K. Levine.
  3. Ritzberger, Klaus, 1994. "The Theory of Normal Form Games form the Differentiable Viewpoint," International Journal of Game Theory, Springer, vol. 23(3), pages 207-36.
  4. Bagwell, Kyle, 1995. "Commitment and observability in games," Games and Economic Behavior, Elsevier, vol. 8(2), pages 271-280.
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Cited by:
  1. Oechssler, Jörg & Schlag, Karl H., 1997. "Loss of commitment? An evolutionary analysis of Bagwell's example," SFB 373 Discussion Papers 1997,39, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  2. Morgan, John & Vardy, Felix, 2004. "An experimental study of commitment in Stackelberg games with observation costs," Games and Economic Behavior, Elsevier, vol. 49(2), pages 401-423, November.
  3. Felix Várdy & John Morgan, 2005. "The Value of Commitment in Contests and Tournaments when Observation is Costly," Public Economics 0504005, EconWPA.
  4. V. Bhaskar, 2005. "Commitment and Observability in an Economic Environment," Economics Discussion Papers 596, University of Essex, Department of Economics.
  5. V. Bhaskar & Eric van Damme, 1998. "Moral Hazard and Private Monitoring," Game Theory and Information 9809004, EconWPA.
  6. Tanja Hörtnagl & Rudolf Kerschbamer, 2014. "How the Value of Information Shapes the Value of Commitment Or: Why the Value of Commitment Does Not Vanish," Working Papers 2014-03, Faculty of Economics and Statistics, University of Innsbruck.
  7. Lagerlof, Johan, 2003. " Policy-Motivated Candidates, Noisy Platforms, and Non-robustness," Public Choice, Springer, vol. 114(3-4), pages 319-47, March.
  8. Huck, Steffen & Muller, Wieland, 2000. "Perfect versus Imperfect Observability--An Experimental Test of Bagwell's Result," Games and Economic Behavior, Elsevier, vol. 31(2), pages 174-190, May.
  9. Bhaskar, V., 2009. "Commitment and observability in a contracting environment," Games and Economic Behavior, Elsevier, vol. 66(2), pages 708-720, July.
  10. Blundell,Richard & Newey,Whitney K. & Persson,Torsten (ed.), 2006. "Advances in Economics and Econometrics," Cambridge Books, Cambridge University Press, number 9780521692083.
  11. Jorg Oechssler & Karl Schlag, 1997. "An Evolutionary Analysis of Bagwell's Example," Game Theory and Information 9704001, EconWPA, revised 11 Apr 1997.
  12. Werner Güth, 2002. "On the Inconsistency of Equilibrium Refinement," Theory and Decision, Springer, vol. 53(4), pages 371-392, December.

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