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Imperfectly Observable Commitments in n-Player Games

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Author Info
Gueth, Werner (Institut fuer Wirtschaftstheorie III, Humboldt-Universitaet Berlin)
Kirchsteiger, Georg (Institut fuer Wirtschaftswissenschaften, University of Vienna)
Ritzberger, Klaus (Department of Economics, Institute for Advanced Studies, Vienna)

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Abstract

In a two-stage extensive form game where followers can observe moves by leaders only with noise, pure subgame perfect Nash equilibria of the limiting game without noise may not survive arbitrarily small noise. Still, for generic games, there is always at least one subgame perfect equilibrium outcome of the game with no noise that is approximated by equilibrium outcomes of games with small noise. This, however, depends crucially on generic payoffs.

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File URL: http://www.ihs.ac.at/publications/eco/es-35.pdf
File Format: application/pdf
File Function: First version, 1996
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Publisher Info
Paper provided by Institute for Advanced Studies in its series Economics Series with number 35.

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Length: 21 pages
Date of creation: Sep 1996
Date of revision:
Handle: RePEc:ihs:ihsesp:35

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Related research
Keywords: Commitments; Imperfect Observability; Subgame Perfection;

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

Cited by:
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  1. V. Bhaskar, 2005. "Commitment and Observability in an Economic Environment," Economics Discussion Papers 596, University of Essex, Department of Economics. [Downloadable!]
  2. Jorg Oechssler & Karl Schlag, 1997. "An Evolutionary Analysis of Bagwell's Example," Game Theory and Information 9704001, EconWPA, revised 11 Apr 1997. [Downloadable!]
  3. V. Bhaskar & Eric van Damme, 1998. "Moral Hazard and Private Monitoring," Game Theory and Information 9809004, EconWPA. [Downloadable!]
    Other versions:
  4. Felix Várdy & John Morgan, 2005. "The Value of Commitment in Contests and Tournaments when Observation is Costly," Public Economics 0504005, EconWPA. [Downloadable!]
    Other versions:
  5. Johan Lagerlöf, 2000. "Policy-Motivated Candidates, Noisy Platforms, and Non-Robustness," CIG Working Papers FS IV 00-17, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
    Other versions:
  6. Werner Güth, 2002. "On the Inconsistency of Equilibrium Refinement," Theory and Decision, Springer, vol. 53(4), pages 371-392, December. [Downloadable!] (restricted)
  7. B. Adolph & E. Wolfstetter, . "Reputation and Imperfectly Observable Commitment: The Chain Store Paradox Revisited," Sonderforschungsbereich 373 1996-85, Humboldt Universitaet Berlin.
  8. Steffen Huck & Wieland Mueller, 1998. "Perfect versus imperfect observability---An experimental test of Bagwell's result," Experimental 9804001, EconWPA. [Downloadable!]
    Other versions:
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