Saddle functions and robust sets of equilibria
AbstractWe provide a new sufficient condition for the robustness of sets of equilibria to incomplete information in the sense of Kajii and Morris (1997) , Morris and Ui (2005) . The condition is formulated for games with a saddle function. A saddle function is a real-valued function on the set of action profiles such that there is a single player for whom minimizing the function implies choosing her best response, and for the other players maximizing the function implies choosing their best responses. In a game with a saddle function the set of correlated equilibria that induce an expectation of the saddle function greater or equal to its maximin value is robust to incomplete information.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 150 (2014)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/inca/622869
Incomplete information; Robustness; Potential; Team-maximin equilibrium;
Other versions of this item:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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