How burning money requires a lot of rationality to be effective
This paper proposes an extension of the valuation equilibrium concept (Jehiel and Samet, 2007), which partly endogenises the underlying grouping of actions. The effect on equilibrium predictions is illustrated in a burning money game.
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References listed on IDEAS
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- Ariel Rubinstein, 1997.
"Finite automata play the repeated prisioners dilemma,"
Levine's Working Paper Archive
1639, David K. Levine.
- Rubinstein, Ariel, 1986. "Finite automata play the repeated prisoner's dilemma," Journal of Economic Theory, Elsevier, vol. 39(1), pages 83-96, June.
- Huck, S. & Müller, W., 2005.
"Burning money and (pseudo) first-mover advantages : An experimental study on forward induction,"
Other publications TiSEM
572509ab-51a9-4b52-837d-0, Tilburg University, School of Economics and Management.
- Huck, Steffen & Muller, Wieland, 2005. "Burning money and (pseudo) first-mover advantages: an experimental study on forward induction," Games and Economic Behavior, Elsevier, vol. 51(1), pages 109-127, April.
- Philippe Jehiel & Dov Samet, 2006.
784828000000000111, UCLA Department of Economics.
- Wichardt, Philipp C., 2012. "Existence of valuation equilibria when equilibrium strategies cannot differentiate between equal ties," Games and Economic Behavior, Elsevier, vol. 74(2), pages 709-713.
- van Damme,Eric, 1987.
"Stable equilibria and forward induction,"
Discussion Paper Serie A
128, University of Bonn, Germany.
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