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Contemporaneous Perfect Epsilon-Equilibria

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Author Info
George Mailath () (Department of Economics, University of Pennsylvania)
Andrew Postlewaite () (Department of Economics, University of Pennsylvania)
Larry Samuelson () (Department of Economics, University of Wisconsin-Madison)

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Abstract

We examine contemporaneous perfect epsilon-equilibria, in which a player’s actions after every history, evaluated at the point of deviation from the equilibrium, must be within epsilon of a best response. This concept implies, but is stronger than, Radner’s ex ante perfect epsilon-equilibrium. A strategy profile is a contemporaneous perfect epsilon-equilibrium of a game if it is a subgame perfect equilibrium in a perturbed game with nearly the same payoffs, with the converse holding for pure equilibria.

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Publisher Info
Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 03-021.

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Length: 17 pages
Date of creation: 15 Aug 2003
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Handle: RePEc:pen:papers:03-021

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Related research
Keywords: Epsilon equilibrium; ex ante payoff; multistage game; subgame perfect equilibrium;

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Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January. [Downloadable!] (restricted)
  2. Borgers, Tilman, 1989. "Perfect equilibrium histories of finite and infinite horizon games," Journal of Economic Theory, Elsevier, vol. 47(1), pages 218-227, February. [Downloadable!] (restricted)
  3. Drew Fudenberg & David K. Levine, 1983. "Subgame-Perfect Equilibria of Finite- and Infinite-Horizon Games," Levine's Working Paper Archive 219, David K. Levine. [Downloadable!]
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  4. Watson Joel, 1994. "Cooperation in the Infinitely Repeated Prisoners' Dilemma with Perturbations," Games and Economic Behavior, Elsevier, vol. 7(2), pages 260-285, September. [Downloadable!] (restricted)
  5. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Barlo, Mehmet & Carmona, Guilherme, 2007. "One - Memory in Repeated Games," FEUNL Working Paper Series wp500, Universidade Nova de Lisboa, Faculdade de Economia. [Downloadable!]
  2. Karl H. Schlag & Andriy Zapechelnyuk, 2009. "Decision Making in Uncertain and Changing Environments," Levine's Working Paper Archive 814577000000000259, David K. Levine. [Downloadable!]
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