IDEAS home Printed from https://ideas.repec.org/p/tin/wpaper/20040028.html
   My bibliography  Save this paper

A Discussion of Maximin

Author

Listed:
  • Vitaly Pruzhansky

    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

Abstract

This paper builds on one of the results of Pruzhansky [22], namely that maximin strategies guarantee the same expected payoffs as mixed Nash equilibrium strategies in bimatrix games. We present a discussion on the applicability of maximin strategies in such class of games. The usefulness of maximin is illustrated from both positive and normative viewpoints. Examples are provided.

Suggested Citation

  • Vitaly Pruzhansky, 2004. "A Discussion of Maximin," Tinbergen Institute Discussion Papers 04-028/1, Tinbergen Institute.
    • Handle: RePEc:tin:wpaper:20040028
    as

    Download full text from publisher

    File URL: https://papers.tinbergen.nl/04028.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lo, Kin Chung, 1996. "Equilibrium in Beliefs under Uncertainty," Journal of Economic Theory, Elsevier, vol. 71(2), pages 443-484, November.
    2. Joseph B. Kadane & Patrick D. Larkey, 1982. "Subjective Probability and the Theory of Games," Management Science, INFORMS, vol. 28(2), pages 113-120, February.
    3. R. J. Aumann & M. Maschler, 1972. "Some Thoughts on the Minimax Principle," Management Science, INFORMS, vol. 18(5-Part-2), pages 54-63, January.
    4. Robert Aumann & Adam Brandenburger, 2014. "Epistemic Conditions for Nash Equilibrium," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 5, pages 113-136, World Scientific Publishing Co. Pte. Ltd..
    5. Tan, Tommy Chin-Chiu & da Costa Werlang, Sergio Ribeiro, 1988. "The Bayesian foundations of solution concepts of games," Journal of Economic Theory, Elsevier, vol. 45(2), pages 370-391, August.
    6. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
    7. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    8. Marinacci, Massimo, 2000. "Ambiguous Games," Games and Economic Behavior, Elsevier, vol. 31(2), pages 191-219, May.
    9. Bernheim, B Douglas, 1984. "Rationalizable Strategic Behavior," Econometrica, Econometric Society, vol. 52(4), pages 1007-1028, July.
    10. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    11. Jacob K. Goeree & Charles A. Holt, 2001. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," American Economic Review, American Economic Association, vol. 91(5), pages 1402-1422, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Frank Riedel & Linda Sass, 2014. "Ellsberg games," Theory and Decision, Springer, vol. 76(4), pages 469-509, April.
    2. Guilhem Lecouteux, 2018. "Bayesian game theorists and non-Bayesian players," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(6), pages 1420-1454, November.
    3. Lo, Kin Chung, 2009. "Correlated Nash equilibrium," Journal of Economic Theory, Elsevier, vol. 144(2), pages 722-743, March.
    4. Xiao Luo & Yi-Chun Chen, 2004. "A Unified Approach to Information, Knowledge, and Stability," Econometric Society 2004 Far Eastern Meetings 472, Econometric Society.
    5. Lo, Kin Chung, 2002. "Correlated equilibrium under uncertainty," Mathematical Social Sciences, Elsevier, vol. 44(2), pages 183-209, November.
    6. Vitaly Pruzhansky, 2013. "Maximin play in completely mixed strategic games," Theory and Decision, Springer, vol. 75(4), pages 543-561, October.
    7. Renou, Ludovic & Schlag, Karl H., 2010. "Minimax regret and strategic uncertainty," Journal of Economic Theory, Elsevier, vol. 145(1), pages 264-286, January.
    8. Frank Riedel, 2017. "Uncertain Acts in Games," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 34(4), pages 275-292, December.
    9. Ismail, Mehmet, 2014. "Maximin equilibrium," MPRA Paper 97322, University Library of Munich, Germany.
    10. John Hillas & Elon Kohlberg, 1996. "Foundations of Strategic Equilibrium," Game Theory and Information 9606002, University Library of Munich, Germany, revised 18 Sep 1996.
    11. Yi-Chun Chen & Xiao Luo & Chen Qu, 2016. "Rationalizability in general situations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(1), pages 147-167, January.
    12. Ismail, M.S., 2014. "Maximin equilibrium," Research Memorandum 037, Maastricht University, Graduate School of Business and Economics (GSBE).
    13. Riedel, Frank & Sass, Linda, 2016. "The strategic use of ambiguity," Center for Mathematical Economics Working Papers 452, Center for Mathematical Economics, Bielefeld University.
    14. Xiao Luo & Ben Wang, 2022. "An epistemic characterization of MACA," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(4), pages 995-1024, June.
    15. Ismail, Mehmet, 2014. "Maximin equilibrium," MPRA Paper 97401, University Library of Munich, Germany.
    16. Mehmet S. Ismail, 2019. "Super-Nash performance in games," Papers 1912.00211, arXiv.org, revised Sep 2023.
    17. Vitaly Pruzhansky, 2003. "Maximin Play in Two-Person Bimatrix Games," Tinbergen Institute Discussion Papers 03-101/1, Tinbergen Institute.
    18. Robert Nau, 2001. "De Finetti was Right: Probability Does Not Exist," Theory and Decision, Springer, vol. 51(2), pages 89-124, December.
    19. Michael Trost, 2013. "Epistemic characterizations of iterated deletion of inferior strategy profiles in preference-based type spaces," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(3), pages 755-776, August.
    20. Fabrizio Germano & Peio Zuazo-Garin, 2017. "Bounded rationality and correlated equilibria," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(3), pages 595-629, August.

    More about this item

    Keywords

    Bounded rationality; common knowledge of rationality; correlated equilibria; rationalizability; uncertainty aversion;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tin:wpaper:20040028. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tinbergen Office +31 (0)10-4088900 (email available below). General contact details of provider: https://edirc.repec.org/data/tinbenl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.