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Nested potentials and robust equilibria

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  • UNO, Hiroshi

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    (Université catholique de Louvain, CORE, B-1348 Louvain-la-Neuve, Belgium)

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    Abstract

    This paper introduces the notion of nested best-response potentials for complete in- formation games. It is shown that a unique maximizer of such a potential is a Nash equilibrium that is robust to incomplete information in the sense of Kajii and Morris (1997, mimeo).

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    File URL: http://uclouvain.be/cps/ucl/doc/core/documents/coredp2011_9web.pdf
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    Bibliographic Info

    Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2011009.

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    Date of creation: 01 Feb 2011
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    Handle: RePEc:cor:louvco:2011009

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    Related research

    Keywords: incomplete information; potential games; robustness; refinements;

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    References

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    1. Atsushi Kajii & Stephen Morris, 1997. "The Robustness of Equilibria to Incomplete Information," Econometrica, Econometric Society, vol. 65(6), pages 1283-1310, November.
    2. Oyama, Daisuke & Tercieux, Olivier, 2004. "Iterated Potential and Robustness of Equilibria," MPRA Paper 1599, University Library of Munich, Germany.
    3. Dubey, Pradeep & Haimanko, Ori & Zapechelnyuk, Andriy, 2006. "Strategic complements and substitutes, and potential games," Games and Economic Behavior, Elsevier, vol. 54(1), pages 77-94, January.
    4. Winfried Pohlmeier & Luc Bauwens & David Veredas, 2007. "High frequency financial econometrics. Recent developments," ULB Institutional Repository 2013/136223, ULB -- Universite Libre de Bruxelles.
    5. Carlsson, H. & Damme, E.E.C. van, 1993. "Global games and equilibrium selection," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154416, Tilburg University.
    6. Belleflamme,Paul & Peitz,Martin, 2010. "Industrial Organization," Cambridge Books, Cambridge University Press, number 9780521681599, October.
    7. Tercieux, Olivier, 2006. "p-Best response set," Journal of Economic Theory, Elsevier, vol. 131(1), pages 45-70, November.
    8. Atsushi Kajii & Stephen Morris, 1997. "Refinements and Social Order Beliefs: A Unified Survey," Discussion Papers 1197, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    9. Kukushkin, Nikolai S., 2004. "Best response dynamics in finite games with additive aggregation," Games and Economic Behavior, Elsevier, vol. 48(1), pages 94-110, July.
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    Citations

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    Cited by:
    1. Oyama, Daisuke & Takahashi, Satoru, 2011. "On the relationship between robustness to incomplete information and noise-independent selection in global games," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 683-688.
    2. Uno, Hiroshi, 2011. "Strategic complementarities and nested potential games," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 728-732.

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