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Generalized Potentials and Robust Sets of Equilibria

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  • smorris
  • Takashi Ui
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    Abstract

    This paper introduces generalized potential functions of complete information games and studies the robustness of sets of equilibria to incomplete information. A set of equilibria of a complete information game is robust if every incomplete information game where payoffs are almost always given by the complete information game has an equilibrium which generates behavior close to some equilibrium in the set. First, this paper provides sufficient conditions for the robustness of sets of equilibria in terms of argmax sets of generalized potential functions. Next, it shows that the sufficient conditions generalize the existing sufficient conditions for the robustness of equilibria

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    Bibliographic Info

    Paper provided by Econometric Society in its series Econometric Society 2004 North American Winter Meetings with number 45.

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    Date of creation: 11 Aug 2004
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    Handle: RePEc:ecm:nawm04:45

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    Keywords: potential functions; equilibrium selection; robustness;

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    1. Atsushi Kajii & Stephen Morris, . ""The Robustness of Equilibria to Incomplete Information*''," CARESS Working Papres 95-18, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
    2. David M. Frankel & Stephen Morris & Ady Pauzner, 2001. "Equilibrium Selection in Global Games with Strategic Complementarities," Cowles Foundation Discussion Papers 1336, Cowles Foundation for Research in Economics, Yale University.
    3. L. Blume, 2010. "The Statistical Mechanics of Strategic Interaction," Levine's Working Paper Archive 488, David K. Levine.
    4. Carlsson, Hans & van Damme, Eric, 1993. "Global Games and Equilibrium Selection," Econometrica, Econometric Society, vol. 61(5), pages 989-1018, September.
    5. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September.
    6. Morris, Stephen Morris & Takashi Ui, 2002. "Best Response Equivalence," Cowles Foundation Discussion Papers 1377, Cowles Foundation for Research in Economics, Yale University.
    7. Monderer, Dov & Shapley, Lloyd S., 1996. "Potential Games," Games and Economic Behavior, Elsevier, vol. 14(1), pages 124-143, May.
    8. Gerhard SORGER, 1998. "Perfect Foresight and Equilibrium Selection in Symmetric Potential Games," Vienna Economics Papers 9802, University of Vienna, Department of Economics.
    9. Ui, Takashi, 2000. "A Shapley Value Representation of Potential Games," Games and Economic Behavior, Elsevier, vol. 31(1), pages 121-135, April.
    10. Larry E. Blume, 1996. "Population Games," Working Papers 96-04-022, Santa Fe Institute.
    11. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
    12. Kukushkin, Nikolai S., 1999. "Potential games: a purely ordinal approach," Economics Letters, Elsevier, vol. 64(3), pages 279-283, September.
    13. Ui, Takashi, 2001. "Robust Equilibria of Potential Games," Econometrica, Econometric Society, vol. 69(5), pages 1373-80, September.
    14. Voorneveld, Mark, 2000. "Best-response potential games," Economics Letters, Elsevier, vol. 66(3), pages 289-295, March.
    15. Atsushi Kajii & Stephen Morris, 1997. "Refinements and Social Order Beliefs: A Unified Survey," Discussion Papers 1197, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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