On the Existence of Monotone Pure‐Strategy Equilibria in Bayesian Games
We generalize Athey's (2001) and McAdams' (2003) results on the existence of monotone pure strategy equilibria in Bayesian games. We allow action spaces to be compact locally-complete metrizable semilattices and type spaces to be partially ordered probability spaces. Our proof is based upon contractibility rather than convexity of best reply sets. Several examples illustrate the scope of the result, including new applications to multi-unit auctions with risk-averse bidders.
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Volume (Year): 79 (2011)
Issue (Month): 2 (03)
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- Paul R. Milgrom & Robert J. Weber, 1985. "Distributional Strategies for Games with Incomplete Information," Mathematics of Operations Research, INFORMS, vol. 10(4), pages 619-632, November.
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- Athey, S., 1997. "Sigle Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information," Working papers 97-11, Massachusetts Institute of Technology (MIT), Department of Economics.
- David McAdams, 2004. "Monotone Equilibrium in Multi-Unit Auctions," Econometric Society 2004 North American Summer Meetings 211, Econometric Society. Full references (including those not matched with items on IDEAS)
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