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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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.:
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Discussion Paper Series
dp292, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
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- David McAdams, 2003. "Isotone Equilibrium in Games of Incomplete Information," Econometrica, Econometric Society, vol. 71(4), pages 1191-1214, 07.
- Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-1277, November.
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