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Abstract

We introduce the notion of an outcome space, in which strategic interactions are embedded. This allows us to investigate the idea that one strategic interaction might be an expanded version of another interaction. We then characterize the Nash equilibria arising in such extensions and demonstrate a folk-type theorem stating that any individually rational element of the outcome space is a Nash equilibrium.

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File URL: http://hdl.handle.net/10.1007/s11238-007-9042-6
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Bibliographic Info

Article provided by Springer in its journal Theory and Decision.

Volume (Year): 63 (2007)
Issue (Month): 4 (December)
Pages: 315-347

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Handle: RePEc:kap:theord:v:63:y:2007:i:4:p:315-347

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Web page: http://www.springerlink.com/link.asp?id=100341

Related research

Keywords: Outcome spaces; folk theorem;

Other versions of this item:

Find related papers by JEL classification:

• C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

References

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1. Grossman, G.M. & Helpman, E., 1992. "Protection for Sale," Papers 21-92, Tel Aviv.
   
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8. repec:cup:cbooks:9780521580137 is not listed on IDEAS
9. Gil S. Epstein & Carsten Hefeker, 2003. "Lobbying contests with alternative instruments," Economics of Governance, Springer, vol. 4(1), pages 81-89, 04.
10. Klemperer, Paul D & Meyer, Margaret A, 1989. "Supply Function Equilibria in Oligopoly under Uncertainty," Econometrica, Econometric Society, vol. 57(6), pages 1243-77, November.
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12. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter.
    
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    • Baye, M.R. & Kovenock, D., 1993. "The Solution to the Tullock Rent-Seeking Game When R > 2: Mixed Strategy Equilibria and Mean Dissipation Rates," Papers 9368, Tilburg - Center for Economic Research.
    • Baye, M.R. & Kovenock, D. & De Vries, C.G., 1993. "The Solution to the Tullock Rent-Seeking Game when R > 2: Mixed Strategy Equilibria and Mean Dissipation Rates," Papers 10-93-9, Pennsylvania State - Department of Economics.
15. Haan, Marco & Schoonbeek, Lambert, 2001. "Rent seeking with efforts and bids," CCSO Working Papers 200113, University of Groningen, CCSO Centre for Economic Research.
16. Kreps,David M. & Wallis,Kenneth F. (ed.), 1997. "Advances in Economics and Econometrics: Theory and Applications," Cambridge Books, Cambridge University Press, number 9780521589819.
17. Kreps,David M. & Wallis,Kenneth F. (ed.), 1997. "Advances in Economics and Econometrics: Theory and Applications," Cambridge Books, Cambridge University Press, number 9780521589826.
18. Grant, Simon & Quiggin, John, 1994. "Nash equilibrium with mark-up-pricing oligopolists," Economics Letters, Elsevier, vol. 45(2), pages 245-251, June.
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    • Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers 1829, Harvard - Institute of Economic Research.
20. Nitzan, Shmuel, 1994. "Modelling rent-seeking contests," European Journal of Political Economy, Elsevier, vol. 10(1), pages 41-60, May.
21. Konrad, Kai A, 2000. "Sabotage in Rent-Seeking Contests," Journal of Law, Economics and Organization, Oxford University Press, vol. 16(1), pages 155-65, April.
22. David M. Kreps & Jose A. Scheinkman, 1983. "Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 326-337, Autumn.

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Citations

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Cited by:

1. Flavio Menezes & John Quiggin, 2007. "Markets for Influence," Risk & Uncertainty Working Papers WP7R07, Risk and Sustainable Management Group, University of Queensland.
   
   • Menezes, Flavio M. & Quiggin, John, 2010. "Markets for influence," International Journal of Industrial Organization, Elsevier, vol. 28(3), pages 307-310, May.
   • Flavio Menezes & John Quiggin, 2009. "Markets for Influence," Risk & Uncertainty Working Papers WPR09_2, Risk and Sustainable Management Group, University of Queensland.

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