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An axiomatization of minimal curb sets

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  • Mark Voorneveld

    ()

  • Willemien Kets
  • Henk Norde

Abstract

Norde et al.[Games Econ.Behav. 12 (1996) 219] proved that none of the equilibrium concepts in the literature on equilibrium selection in finite strategic games satisfying existence is consistent.A transition to set-valued solution concepts overcomes the inconsistency problem: there is a multiplicity of consistent set-valued solution concepts that satisfy nonemptiness and recommend utility maximization in one-player games.The minimal curb sets of Basu and Weibull [Econ.Letters 36 (1991) 141] constitute one such solution concept; this solution concept is axiomatized in this article.

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Bibliographic Info

Article provided by Springer in its journal International Journal of Game Theory.

Volume (Year): 33 (2005)
Issue (Month): 4 (November)
Pages: 479-490

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Handle: RePEc:spr:jogath:v:33:y:2005:i:4:p:479-490

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Related research

Keywords: Minimal curb set; Consistency; C72;

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References

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  1. Voorneveld, Mark, 2005. "Persistent retracts and preparation," Games and Economic Behavior, Elsevier, vol. 51(1), pages 228-232, April.
  2. Ehud Kalai & Dov Samet, 1982. "Persistent Equilibria in Strategic Games," Discussion Papers 515, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Peleg, Bezalel & Tijs, Stef, 1996. "The Consistency Principle for Games in Strategic Forms," International Journal of Game Theory, Springer, vol. 25(1), pages 13-34.
  4. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  5. Dufwenberg, M. & Norde, H. & Reijnierse, H. & Tijs, S., 1998. "The Consistency Principle for Set-Valued Solutions and a New Direction for Normative Game Theory," Papers 1998-11, Uppsala - Working Paper Series.
  6. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 661465000000000381, David K. Levine.
  7. Peleg, B. & Potters, J.A.M. & Tijs, S.H., 1996. "Minimality of consistent solutions for strategic games, in particular for potential games," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72912, Tilburg University.
  8. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May.
  9. Basu, K. & Weibull, J.W., 1990. "Strategy Subsets Closed Under Rational Behaviour," Papers 479, Stockholm - International Economic Studies.
  10. Norde, Henk & Potters, Jos & Reijnierse, Hans & Vermeulen, Dries, 1996. "Equilibrium Selection and Consistency," Games and Economic Behavior, Elsevier, vol. 12(2), pages 219-225, February.
  11. Voorneveld, Mark, 2004. "Preparation," Games and Economic Behavior, Elsevier, vol. 48(2), pages 403-414, August.
  12. Chwe Michael Suk-Young, 1994. "Farsighted Coalitional Stability," Journal of Economic Theory, Elsevier, vol. 63(2), pages 299-325, August.
  13. S. Gawiejnowicz, 2004. "Book Review," Computational Statistics, Springer, vol. 60(3), pages 523-524, December.
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Cited by:
  1. Tercieux, Olivier & Voorneveld, Mark, 2005. "The cutting power of preparation," Working Paper Series in Economics and Finance 583, Stockholm School of Economics.
  2. GRANDJEAN, Gilles & MAULEON, Ana & VANNETELBOSCH, Vincent, 2009. "Strongly rational sets for normal-form games," CORE Discussion Papers 2009066, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Kets, Willemien & Voorneveld, Mark, 2005. "Learning to be prepared," Working Paper Series in Economics and Finance 590, Stockholm School of Economics.
  4. Olivier Tercieux & Mark Voorneveld, 2010. "The cutting power of preparation," Computational Statistics, Springer, vol. 71(1), pages 85-101, February.

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