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Third Down with a Yard to Go: The Dixit-Skeath Conundrum on Equilibria in Competitive Games

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Author Info
Grant, S.
Kajii, A.
Polak, B.

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Abstract

In strictly competitive games, equilibrium mixed strategies are invariant to changes in the ultimate prizes. Dixit & Skeath (1999) argue that this seems counter-intuitive. We show that this invariance is robust to dropping the independence axiom, but is removed if we drop the reduction axiom.

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File URL: http://www.ecocomm.anu.edu.au/research/papers/pdf/wp375.pdf
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Publisher Info
Paper provided by Australian National University, College of Business and Economics, School of Economics in its series ANUCBE School of Economics Working Papers with number 1999-375.

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Length: 10 pages
Date of creation: Jul 1999
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Handle: RePEc:acb:cbeeco:1999-375

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Related research
Keywords: GAME THEORY ; COMPETITION ; EXPECTATIONS;

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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  1. Grant, Simon & Kajii, Atsushi & Polak, Ben, 1998. "Intrinsic Preference for Information," Journal of Economic Theory, Elsevier, vol. 83(2), pages 233-259, December. [Downloadable!] (restricted)
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  2. Gollier Christian, 1995. "The Comparative Statics of Changes in Risk Revisited," Journal of Economic Theory, Elsevier, vol. 66(2), pages 522-535, August. [Downloadable!] (restricted)
  3. Kreps, David M & Porteus, Evan L, 1978. "Temporal Resolution of Uncertainty and Dynamic Choice Theory," Econometrica, Econometric Society, vol. 46(1), pages 185-200, January. [Downloadable!] (restricted)
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