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Credible Equilibria in Games with Utilities Changing During the Play

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  • Ferreira, J.
  • Gilboa, I.
  • Maschler, M.

    (Tilburg University, Center for Economic Research)

Abstract

Whenever one deals with an interactive decision situation of long duration, one has to take into account that priorities of the participants may change during the conflict. In this paper we propose an extensive-form game model to handle such situations and suggest and study a solution concept, called credible equilibrium, which generalizes the concept of the Nash equilibrium. We also discuss possible variants to this concept and applications of the model to other types of games.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1992-17.

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Date of creation: 1992
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Handle: RePEc:dgr:kubcen:199217

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Web page: http://center.uvt.nl

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  1. Aumann, Robert & Brandenburger, Adam, 1995. "Epistemic Conditions for Nash Equilibrium," Econometrica, Econometric Society, vol. 63(5), pages 1161-80, September.
  2. Hammond, Peter J, 1976. "Changing Tastes and Coherent Dynamic Choice," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 159-73, February.
  3. Machina, Mark J, 1989. "Dynamic Consistency and Non-expected Utility Models of Choice under Uncertainty," Journal of Economic Literature, American Economic Association, vol. 27(4), pages 1622-68, December.
  4. Karni, Edi & Safra, Zvi, 1989. "Dynamic Consistency, Revelations in Auctions and the Structure of Preferences," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 421-33, July.
  5. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  6. Blackorby, Charles, et al, 1973. "Consistent Intertemporal Decision Making," Review of Economic Studies, Wiley Blackwell, vol. 40(2), pages 239-48, April.
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Cited by:
  1. Jonathan Shalev, 1998. "Loss Aversion in Repeated Games," Game Theory and Information 9802005, EconWPA.
  2. SHALEV, Jonathan, . "Loss aversion equilibrium," CORE Discussion Papers RP -1456, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Adam Tauman Kalai & Ehud Kalai & Dov Samet, 2007. "Voluntary Commitments Lead to Efficiency," Discussion Papers 1444, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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