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A new theory of equilibrium selection for games with complete information

  • Harsanyi, John C.

This paper proposes a new one-point solution concept for noncooperative games, based on a new theory of equilibrium selection. It suggests a mathematical model for measuring the strength of the incentive each player has to use any particular strategy, and then for using these incentive measures to estimate the theoretical probability for any given Nash equilibrium to emerge as the outcome of the game. The solution of the game is then defined as the Nash equilibrium with the highest theoretical probability when this equilibrium is unique. The problems posed by nonuniqueness are also discussed. Journal of Economic Literature Classification Numbers: C7, C71.

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

Volume (Year): 8 (1995)
Issue (Month): 1 ()
Pages: 91-122

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Handle: RePEc:eee:gamebe:v:8:y:1995:i:1:p:91-122
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  1. E. Kohlberg & J.-F. Mertens, 1998. "On the Strategic Stability of Equilibria," Levine's Working Paper Archive 445, David K. Levine.
  2. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 514, David K. Levine.
  3. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  4. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, June.
  5. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
  6. R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
  7. van Damme, E.E.C. & Selten, R. & Winter, E., 1990. "Alternating bid bargaining with a smallest money unit," Other publications TiSEM b8a7cc1a-cef1-470a-9239-3, Tilburg University, School of Economics and Management.
  8. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
  9. Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812, July.
  10. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, June.
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