A Necessary and Sufficient Condition for Convergence of Statistical to Strategic Equilibria of Market Games
AbstractWe analyze a market game where traders are heterogeneous with respect to their rationality level and have asymmetric information. The market mechanism results into a statistical equilibrium, where traders randomise among their available actions due to their limited rationality. We provide a necessary and sufficient condition for convergence of statistical to strategic equilibria of market games, when traders become more informed and increasingly more rational.
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Bibliographic InfoPaper provided by Oxford Financial Research Centre in its series OFRC Working Papers Series with number 2005fe14.
Date of creation: 2005
Date of revision:
Other versions of this item:
- Dimitrios P. Tsomocos & Dimitris Voliotis, 2009. "A Necessary And Sufficient Condition For Convergence Of Statistical To Strategic Equilibria Of Market Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 479-489.
- Dimitrios P Tsomocos, 2005. "A Necessary and Sufficient Condition for Convergence of Statistical to Strategic Equilibria of Market Games," Economics Series Working Papers 2005-FE-14, University of Oxford, Department of Economics.
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- C0 - Mathematical and Quantitative Methods - - General
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- D7 - Microeconomics - - Analysis of Collective Decision-Making
- M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics
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