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Games without Rules

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  • Flavio Menezes

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  • John Quiggin

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Abstract

We introduce the notion of an outcome space, in which strategic interactions are embedded. This allows us to investigate the idea that one strategic interaction might be an expanded version of another interaction. We then characterize the Nash equilibria arising in such extensions and demonstrate a folk-type theorem stating that any individually rational element of the outcome space is a Nash equilibrium.
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Suggested Citation

  • Flavio Menezes & John Quiggin, 2007. "Games without Rules," Theory and Decision, Springer, vol. 63(4), pages 315-347, December.
  • Handle: RePEc:kap:theord:v:63:y:2007:i:4:p:315-347 DOI: 10.1007/s11238-007-9042-6
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    References listed on IDEAS

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    Cited by:

    1. Menezes, Flavio & Quiggin, John, 2013. "Inferring the strategy space from market outcomes," Risk and Sustainable Management Group Working Papers 151206, University of Queensland, School of Economics.
    2. Menezes, Flavio M. & Quiggin, John, 2010. "Markets for influence," International Journal of Industrial Organization, Elsevier, pages 307-310.
    3. Menezes, Flavio M. & Quiggin, John, 2012. "More competitors or more competition? Market concentration and the intensity of competition," Economics Letters, Elsevier, vol. 117(3), pages 712-714.
    4. Flavio Menezes & John Quiggin, 2007. "Can game theory be saved?," Risk & Uncertainty Working Papers WP4R07, Risk and Sustainable Management Group, University of Queensland.

    More about this item

    Keywords

    Outcome spaces; folk theorem;

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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