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A Cantor Set of Games with No Shift-Homogeneous Equilibrium Selection

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  • Yehuda (John) Levy

Abstract

We construct a continuum of games on a countable set of players that does not possess a measurable equilibrium selection that satisfies a natural homogeneity property. The explicit nature of the construction yields counterexamples to the existence of equilibria in models with overlapping generations and in games with a continuum of players.

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Bibliographic Info

Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp607.

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Length: 17 pages
Date of creation: Apr 2012
Date of revision:
Handle: RePEc:huj:dispap:dp607

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  1. Hannu Salonen, 2010. "On the existence of Nash equilibria in large games," International Journal of Game Theory, Springer, vol. 39(3), pages 351-357, July.
  2. M Ali Khan & Yeneng Sun, 1996. "Non-Cooperative Games with Many Players," Economics Working Paper Archive 382, The Johns Hopkins University,Department of Economics.
  3. Galor, Oded, 1992. "A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System," Econometrica, Econometric Society, vol. 60(6), pages 1351-86, November.
  4. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, December.
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Cited by:
  1. Yehuda (John) Levy, 2012. "A Discounted Stochastic Game with No Stationary Equilibria: The Case of Absolutely Continuous Transitions," Discussion Paper Series dp612, The Center for the Study of Rationality, Hebrew University, Jerusalem.

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