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Partially-Specified Large Games

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  • Ehud Kalai

Abstract

The sensitivity of Nash equilibrium to strategic and informational details presents a difficulty in applying it to games which are not fully speci?ed. Structurally-robust Nash equilibria are less sensitive to such details. More- over, they arrise naturally in important classes of games that have many semi- anonymous players. The paper describes this condition and its implications.

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Bibliographic Info

Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1403.

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Date of creation: Sep 2005
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Handle: RePEc:nwu:cmsems:1403

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Keywords: Nash equilibrium; ex-post Nash; structural robustness; metagames;

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References

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  1. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  2. Harsanyi, John C., 1994. "Games with Incomplete Information," Nobel Prize in Economics documents, Nobel Prize Committee 1994-1, Nobel Prize Committee.
  3. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
  4. Forges, Francoise & Minelli, Enrico, 1998. "Self-Fulfilling Mechanisms in Bayesian Games," Games and Economic Behavior, Elsevier, vol. 25(2), pages 292-310, November.
  5. Ehud Kalai, 2002. "Large Robust Games," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1350, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, Econometric Society, vol. 53(2), pages 345-61, March.
  7. Green, Jerry R & Laffont, Jean-Jacques, 1987. "Posterior Implementability in a Two-Person Decision Problem," Econometrica, Econometric Society, Econometric Society, vol. 55(1), pages 69-94, January.
  8. V. Crawford & J. Sobel, 2010. "Strategic Information Transmission," Levine's Working Paper Archive 544, David K. Levine.
  9. Jordan, James S. & Radner, Roy, 1982. "Rational expectations in microeconomic models: An overview," Journal of Economic Theory, Elsevier, vol. 26(2), pages 201-223, April.
  10. Richard McLean & Andrew Postlewaite, . "Informational Size and Incentive Compatibility," Penn CARESS Working Papers 7f6ff09d59945e06909ce4fa4, Penn Economics Department.
  11. Peck, James, 2003. "Large market games with demand uncertainty," Journal of Economic Theory, Elsevier, vol. 109(2), pages 283-299, April.
  12. Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
  13. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(5), pages 937-68, October.
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Citations

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Cited by:
  1. Ehud Kalai, 2006. "Structural Robustness of Large Games," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1431, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Jiang, Albert Xin & Leyton-Brown, Kevin & Bhat, Navin A.R., 2011. "Action-Graph Games," Games and Economic Behavior, Elsevier, vol. 71(1), pages 141-173, January.
  3. Gradwohl, Ronen & Reingold, Omer, 2010. "Partial exposure in large games," Games and Economic Behavior, Elsevier, vol. 68(2), pages 602-613, March.
  4. Azrieli, Yaron, 2007. "Thinking categorically about others: A conjectural equilibrium approach," MPRA Paper 3843, University Library of Munich, Germany.
  5. Julio González-Díaz & Federica Briata & Ignacio García-Jurado & Fioravante Patrone, 2012. "Essential collections for equilibrium concepts," International Journal of Game Theory, Springer, vol. 41(3), pages 517-552, August.
  6. Azrieli, Yaron, 2009. "Categorizing others in a large game," Games and Economic Behavior, Elsevier, vol. 67(2), pages 351-362, November.
  7. Valeska Groenert, 2013. "Trimmed equilibrium," International Journal of Game Theory, Springer, vol. 42(1), pages 99-114, February.

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