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Best-response equilibrium: an equilibrium in finitely additive mixed strategies

Author

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  • Igal Milchtaich

    (Bar-Ilan University)

Abstract

A generalization of mixed strategy equilibrium is proposed, where mixed strategies need only be finitely additive and payoff functions are not required to be integrable or bounded. This notion of best-response equilibrium is based on an extension of the idea that an equilibrium strategy is supported in the player’s set of best-response actions, but is applicable also when no best-response actions exist. It yields simple, natural equilibria in a number of well-known games where other kinds of mixed equilibrium are complicated, not compelling or do not exist.

Suggested Citation

  • Igal Milchtaich, 2023. "Best-response equilibrium: an equilibrium in finitely additive mixed strategies," International Journal of Game Theory, Springer;Game Theory Society, vol. 52(4), pages 1317-1334, December.
    • Handle: RePEc:spr:jogath:v:52:y:2023:i:4:d:10.1007_s00182-023-00871-2
    DOI: 10.1007/s00182-023-00871-2
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