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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)

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 Function: First version, 1996
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Bibliographic 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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References

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  1. Damme, E.E.C. van & Hurkens, J.P.M., 1997. "Games with imperfectly observable commitment," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74216, Tilburg University.
  2. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September.
  3. Bagwell, Kyle, 1995. "Commitment and observability in games," Games and Economic Behavior, Elsevier, vol. 8(2), pages 271-280.
  4. Ritzberger, Klaus, 1994. "The Theory of Normal Form Games form the Differentiable Viewpoint," International Journal of Game Theory, Springer, vol. 23(3), pages 207-36.
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Citations

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Cited by:
  1. Jörg Oechssler & Karl H Schlag, 1997. "Loss of Commitment? An Evolutionary Analysis of Bagwell’s Example," Levine's Working Paper Archive 598, David K. Levine.
  2. Steffen Huck & Wieland Mueller, 1998. "Perfect versus imperfect observability---An experimental test of Bagwell's result," Experimental 9804001, EconWPA.
  3. Bhaskar, V. & van Damme, Eric, 2002. "Moral Hazard and Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 16-39, January.
  4. V. Bhaskar, 2005. "Commitment and Observability in an Economic Environment," Economics Discussion Papers 596, University of Essex, Department of Economics.
  5. Morgan, John & Vardy, Felix, 2004. "An experimental study of commitment in Stackelberg games with observation costs," Games and Economic Behavior, Elsevier, vol. 49(2), pages 401-423, November.
  6. Jorg Oechssler & Karl Schlag, 1997. "An Evolutionary Analysis of Bagwell's Example," Game Theory and Information 9704001, EconWPA, revised 11 Apr 1997.
  7. Felix Várdy & John Morgan, 2005. "The Value of Commitment in Contests and Tournaments when Observation is Costly," Public Economics 0504005, EconWPA.
  8. Blundell,Richard & Newey,Whitney K. & Persson,Torsten (ed.), 2006. "Advances in Economics and Econometrics," Cambridge Books, Cambridge University Press, number 9780521692083.
  9. Werner Güth, 2002. "On the Inconsistency of Equilibrium Refinement," Theory and Decision, Springer, vol. 53(4), pages 371-392, December.
  10. Lagerlof, Johan, 2003. " Policy-Motivated Candidates, Noisy Platforms, and Non-robustness," Public Choice, Springer, vol. 114(3-4), pages 319-47, March.
  11. Tanja Hörtnagl & Rudolf Kerschbamer, 2014. "How the Value of Information Shapes the Value of Commitment Or: Why the Value of Commitment Does Not Vanish," Working Papers 2014-03, Faculty of Economics and Statistics, University of Innsbruck.
  12. Bhaskar, V., 2009. "Commitment and observability in a contracting environment," Games and Economic Behavior, Elsevier, vol. 66(2), pages 708-720, July.

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