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Stochastic dominance equilibria in two-person noncooperative games

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Author Info

  • Perea,Andres
  • Peters,Hans
  • Schulteis,Tim
  • Vermeulen,Dries

    (METEOR)

Abstract

Two-person noncooperative games with finitely many pure strategies and ordinal preferences over pure outcomes are considered, in which probability distributions resulting from mixed strategies are evaluated according to t-degree stochastic dominance. A t-best reply is a strategy that induces a t-degree stochastically undominated distribution, and a t-equilibrium is a pair of t-best replies. The paper provides a characterization and existence proofs of t-equilibria in terms of representing utility functions, and shows that for t becoming large-which can be interpreted as the players becoming more risk averse-behavior converges to a specific form of max-min play. More precisely, this means that in the limit each player puts all weight on a strategy that maximizes the worst outcome for the opponent, within the supports of the strategies in the limiting sequenceof t-equilibria.

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Bibliographic Info

Paper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 004.

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Date of creation: 2005
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Handle: RePEc:dgr:umamet:2005004

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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm

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Keywords: microeconomics ;

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  1. Fishburn, Peter C., 1976. "Continua of stochastic dominance relations for bounded probability distributions," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 295-311, December.
  2. Borgers, Tilman, 1993. "Pure Strategy Dominance," Econometrica, Econometric Society, vol. 61(2), pages 423-30, March.
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Cited by:
  1. Jacques Durieu & Hans Haller & Nicolas Quérou & Philippe Solal, 2007. "Ordinal Games," Post-Print ujm-00194794, HAL.

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