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When All is Said and Done, How Should You Play and What Should You Expect ?

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Author Info
R.J., AUMANN
Jacques-Henri, DREZE

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Abstract

Modern game theory was born in 1928, when John von Neumann published his Minimax Theorem. This theorem ascribes to all two-person zero-sum games a value - what rational players may expect - and optimal strategies - how they should play to achieve that expectation. Seventy-seven years later, strategic game theory has not gotten beyond that initial point, insofar as the basic questions of value and optimal strategies are concerned. Equilibrium theories do not tell players how to play and what to expect; even when there is a unique Nash equilibrium, it is not at all clear that the players ÒshouldÓ play this equilibrium, nor that they should expect its payoff. Here, we return to square one : abandon all ideas of equilibrium and simply ask, how should rational players play, and what should they expect. We provide answers to both questions, for all n-persons games in strategic form.

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Paper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Discussion Papers (ECON - Département des Sciences Economiques) with number 2005021.

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Length: 32
Date of creation: 30 Mar 2005
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Handle: RePEc:ctl:louvec:2005021

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  6. Faruk Gul, 1998. "A Comment on Aumann's Bayesian View," Econometrica, Econometric Society, vol. 66(4), pages 923-928, July.
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    • Aumann, Robert J. & Heifetz, Aviad, 2001. "Incomplete Information," Working Papers 1124, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  16. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July. [Downloadable!] (restricted)
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Cited by:
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  1. Lars Koch, 2008. "Evolution and Correlated Equilibrium," Bonn Econ Discussion Papers bgse14_2008, University of Bonn, Germany. [Downloadable!]
  2. Rode, Julian, 2007. "Truth and Trust in Communication: An Experimental Study of Behavior under Asymmetric Information," Ratio Working Papers 111, The Ratio Institute. [Downloadable!]
  3. Rode, Julian, 2008. "Truth and trust in communication - Experiments on the effect of a competitive context," Sonderforschungsbereich 504 Publications 08-04, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  4. Noa Nitzan, 2005. "Tight Correlated Equilibrium," Discussion Paper Series dp394, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]
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