A Necessary And Sufficient Condition For Convergence Of Statistical To Strategic Equilibria Of Market Games
We analyze a market game where traders are heterogeneous with respect to their rationality level and have asymmetric information. The market mechanism results into a statistical equilibrium, where traders randomise among their available actions due to their limited rationality. We provide a necessary and sufficient condition for convergence of statistical to strategic equilibria of market games, when traders become more informed and increasingly more rational.
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Volume (Year): 11 (2009)
Issue (Month): 04 ()
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