Nash consistent representation of effectivity functions through lottery models
AbstractEffectivity functions for finitely many players and alternatives are considered. It is shown that every monotonic and superadditive effectivity function can be augmented with equalchance lotteries to a finite lottery model---i.e., an effectivity function that preserves the original effectivity in terms of supports of lotteries---which has a Nash consistentrepresentation. In other words, there exists a finite game form which represents the lottery model and which has a Nash equilibrium for any profile of utility functions, where lotteriesare evaluated by their expected utility. No additional condition on the original effectivity function is needed.
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Bibliographic InfoPaper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 030.
Date of creation: 2005
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Other versions of this item:
- Peleg, Bezalel & Peters, Hans, 2009. "Nash consistent representation of effectivity functions through lottery models," Games and Economic Behavior, Elsevier, vol. 65(2), pages 503-515, March.
- Bezalel Peleg & Hans Peters, 2005. "Nash Consistent Representation of Effectivity Functions through Lottery Models," Discussion Paper Series dp404, The Center for the Study of Rationality, Hebrew University, Jerusalem.
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-09-29 (All new papers)
- NEP-GTH-2005-09-29 (Game Theory)
- NEP-MIC-2005-09-29 (Microeconomics)
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