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A Discussion of Maximin

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  • Vitaly Pruzhansky

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    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

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    Abstract

    This paper builds on one of the results of Pruzhansky [22], namely that maximin strategies guarantee the same expected payoffs as mixed Nash equilibrium strategies in bimatrix games. We present a discussion on the applicability of maximin strategies in such class of games. The usefulness of maximin is illustrated from both positive and normative viewpoints. Examples are provided.

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    File URL: http://papers.tinbergen.nl/04028.pdf
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    Bibliographic Info

    Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 04-028/1.

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    Date of creation: 02 Mar 2004
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    Handle: RePEc:dgr:uvatin:20040028

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    Web page: http://www.tinbergen.nl

    Related research

    Keywords: Bounded rationality; common knowledge of rationality; correlated equilibria; rationalizability; uncertainty aversion;

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    1. Brandenburger, Adam & Dekel, Eddie, 1987. "Rationalizability and Correlated Equilibria," Econometrica, Econometric Society, Econometric Society, vol. 55(6), pages 1391-1402, November.
    2. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    3. Kin Chung Lo, 1995. "Equilibrium in Beliefs Under Uncertainty," Working Papers ecpap-95-02, University of Toronto, Department of Economics.
    4. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    5. Jacob K Goeree & Charles A Holt, 2004. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," Levine's Working Paper Archive 618897000000000900, David K. Levine.
    6. Marinacci, Massimo, 2000. "Ambiguous Games," Games and Economic Behavior, Elsevier, vol. 31(2), pages 191-219, May.
    7. Joseph B. Kadane & Patrick D. Larkey, 1982. "Subjective Probability and the Theory of Games," Management Science, INFORMS, INFORMS, vol. 28(2), pages 113-120, February.
    8. Robert J. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Working Paper Archive 661465000000000377, David K. Levine.
    9. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 514, David K. Levine.
    10. Daniel Ellsberg, 2000. "Risk, Ambiguity and the Savage Axioms," Levine's Working Paper Archive 7605, David K. Levine.
    11. Tan, Tommy Chin-Chiu & da Costa Werlang, Sergio Ribeiro, 1988. "The Bayesian foundations of solution concepts of games," Journal of Economic Theory, Elsevier, vol. 45(2), pages 370-391, August.
    12. Vitaly Pruzhansky, 2003. "Maximin Play in Two-Person Bimatrix Games," Tinbergen Institute Discussion Papers 03-101/1, Tinbergen Institute.
    13. John C. Harsanyi, 1982. "Comment---Subjective Probability and the Theory of Games: Comments on Kadane and Larkey's Paper," Management Science, INFORMS, INFORMS, vol. 28(2), pages 120-124, February.
    14. Aumann, Robert & Brandenburger, Adam, 1995. "Epistemic Conditions for Nash Equilibrium," Econometrica, Econometric Society, Econometric Society, vol. 63(5), pages 1161-80, September.
    15. R. J. Aumann & M. Maschler, 1972. "Some Thoughts on the Minimax Principle," Management Science, INFORMS, INFORMS, vol. 18(5-Part-2), pages 54-63, January.
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    Cited by:
    1. Vitaly Pruzhansky, 2004. "Honesty in a Signaling Model of Tax Evasion," Tinbergen Institute Discussion Papers 04-022/1, Tinbergen Institute.

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