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Existence of Nash Equilibrium in games with a measure space of players and discontinuous payoff functions

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  • Carmona, Guilherme
  • Podczeck, Konrad

Abstract

Balder's (2002) model of games with a measure space of players is integrated with the line of research on finite-player games with discontinuous payoff functions which follows Reny (1999). Specifically, we extend the notion of continuous security, introduced by McLennan, Monteiro and Tourky (2011) and Barelli and Meneghel (2012) for finite-players games, to games with a measure space of players and establish the existence of pure strategy Nash equilibrium for such games. A specification of our main existence result is provided which is ready to fit the needs of applications. As an illustration, we consider several optimal income tax problems in the spirit of Mirrlees (1971) and use our game-theoretic result to show the existence of an optimal income tax in each of these problems.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44263.

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Date of creation: 24 Jan 2013
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Handle: RePEc:pra:mprapa:44263

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Keywords: Existence of equilibrium; measure space of players; discontinuities;

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References

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  3. Andrew McLennan & Paulo K. Monteiro & Rabee Tourky, 2011. "Games With Discontinuous Payoffs: A Strengthening of Reny's Existence Theorem," Econometrica, Econometric Society, vol. 79(5), pages 1643-1664, 09.
  4. V. V. Chari & Patrick J Kehoe, 1998. "Sustainable Plans," Levine's Working Paper Archive 600, David K. Levine.
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  21. Pavlo Prokopovych, 2013. "The single deviation property in games with discontinuous payoffs," Economic Theory, Springer, vol. 53(2), pages 383-402, June.
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  24. Adib Bagh & Alejandro Jofre, 2006. "Reciprocal Upper Semicontinuity and Better Reply Secure Games: A Comment," Econometrica, Econometric Society, vol. 74(6), pages 1715-1721, November.
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Cited by:
  1. Michael Greinecker & Konrad Podczeck, 2013. "Purification and Independence," Working Papers 2013-18, Faculty of Economics and Statistics, University of Innsbruck.
  2. Rabia Nessah, 2013. "Weakly Continuous Security in Discontinuous and Nonquasiconcave Games: Existence and Characterization," Working Papers 2013-ECO-20, IESEG School of Management.

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