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Subjective games and equilibria

  • Kalai, Ehud
  • Lehrer, Ehud
Registered author(s):

    Applying the concepts of Nash, Bayesian, and correlated equilibria to the analysis of strategic interaction requires that players possess objective knowledge of the game and opponents' strategies. Such knowledge is often not available. The proposed notions of subjective games and of subjective Nash and correlated equilibria replace essential but unavailable objective knowledge by subjective assessments. When playing a subjective game repeatedly, subjective optimizers converge to a subjective equilibrium. We apply this approach to some well known examples including single- and multi-person, multi-arm bandit games and repeated Cournot oligopoly games. Journal of Economic Literature Classification Numbers: C73 and C83.

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    Article provided by Elsevier in its journal Games and Economic Behavior.

    Volume (Year): 8 (1995)
    Issue (Month): 1 ()
    Pages: 123-163

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    Handle: RePEc:eee:gamebe:v:8:y:1995:i:1:p:123-163
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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    1. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    2. Porter, Robert H., 1983. "Optimal cartel trigger price strategies," Journal of Economic Theory, Elsevier, vol. 29(2), pages 313-338, April.
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    5. Edward J Green & Robert H Porter, 1997. "Noncooperative Collusion Under Imperfect Price Information," Levine's Working Paper Archive 1147, David K. Levine.
    6. Ehud Kalai & Ehud Lehrer, 1991. "Subjective Equilibrium in Repeated Games," Discussion Papers 981, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    7. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 514, David K. Levine.
    8. Ehud Lehrer, 1988. "Internal Correlation in Repeated Games," Discussion Papers 800, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    9. Schmidt,Klaus M., 1991. "Reputation and equilibrium characterization in repeated games of conflicting interests," Discussion Paper Serie A 333, University of Bonn, Germany.
    10. von Hayek, Friedrich August, 1989. "The Pretence of Knowledge," American Economic Review, American Economic Association, vol. 79(6), pages 3-7, December.
    11. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
    12. Jordan, J. S., 1991. "Bayesian learning in normal form games," Games and Economic Behavior, Elsevier, vol. 3(1), pages 60-81, February.
    13. Fudenberg, D. & Levine, D.K., 1991. "Self-Confirming Equilibrium ," Working papers 581, Massachusetts Institute of Technology (MIT), Department of Economics.
    14. Crawford, Vincent P & Haller, Hans, 1990. "Learning How to Cooperate: Optimal Play in Repeated Coordination Games," Econometrica, Econometric Society, vol. 58(3), pages 571-95, May.
    15. Kalai, Ehud & Lehrer, Ehud, 1991. "Rational Learning Leads to Nash Equilibrium," Working Papers 91-18, C.V. Starr Center for Applied Economics, New York University.
    16. Rothschild, Michael, 1974. "A two-armed bandit theory of market pricing," Journal of Economic Theory, Elsevier, vol. 9(2), pages 185-202, October.
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