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A new old solution for weak tournaments

  • Vincent Anesi

    ()

This article uncovers dynamic properties of the von Neumann–Morgenstern solution in weak tournaments and majoritarian games. We propose a new procedure for the construction of choice sets from weak tournaments, based on dynamic stability criteria. The idea is to analyze dynamic versions of tournament games. The exploration of a specific class of Markov perfect equilibria in these “dynamic tournament games” yields a new solution concept for weak tournaments—the A-stable set. The alternatives in an A-stable set constitute persistent, long-run policy outcomes in the corresponding dynamic tournament games. We find that, in any weak tournament, the class of A-stable sets coincides with that of von Neumann–Morgenstern stable sets. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s00355-011-0561-2
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Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 39 (2012)
Issue (Month): 4 (October)
Pages: 919-930

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Handle: RePEc:spr:sochwe:v:39:y:2012:i:4:p:919-930
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