Credible Equilibria in Games with Utilities Changing during the Play
Whenever one deals with an interactive decision situation of long duration, one has to take into account that priorities of the participants may change during the conflict. In this paper we propose an extensive-form game model to handle such situations and suggest and study a solution concept, called credible equilibrium, which generalizes the concept of the Nash equilibrium. We also discuss possible variants to this concept and applications of the model to other types of games.
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- Machina, Mark J, 1989. "Dynamic Consistency and Non-expected Utility Models of Choice under Uncertainty," Journal of Economic Literature, American Economic Association, vol. 27(4), pages 1622-68, December.
- Aumann, Robert & Brandenburger, Adam, 1995.
"Epistemic Conditions for Nash Equilibrium,"
Econometric Society, vol. 63(5), pages 1161-80, September.
- Charles Blackorby & David Nissen & Daniel Primont & R. Robert Russell, 1973. "Consistent Intertemporal Decision Making," Review of Economic Studies, Oxford University Press, vol. 40(2), pages 239-248.
- Edi Karni & Zvi Safra, 1989. "Dynamic Consistency, Revelations in Auctions and the Structure of Preferences," Review of Economic Studies, Oxford University Press, vol. 56(3), pages 421-433.
- Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
- Peter J. Hammond, 1976. "Changing Tastes and Coherent Dynamic Choice," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 159-173.
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