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The cutting power of preparation

  • Tercieux, Olivier

    (Dept. of Econometrics and OR, Tilburg University, The Netherlands)

  • Voorneveld, Mark

    ()

    (Dept. of Economics, Stockholm School of Economics)

In a strategic game, a curb set [Basu and Weibull, Econ. Letters 36 (1991) 141] is a product set of pure strategies containing all best responses ro every possible belief restricted to this set. Prep sets [Voorneveld, Games Econ. Behav. 48 (2004) 403] relax this condition by only requiring the presence of at least one best response to such a belief. The purpose of this paper is to provide economically interesting classes of games in which minimal prep sets give sharp predictions, whereas in relevant subclasses of these games, minimal curb sets have no cutting power whatsoever and simply consist of the entire strategy space. These classes include potential games, congestion games with player-specific payoffs, and supermodular games.

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Paper provided by Stockholm School of Economics in its series SSE/EFI Working Paper Series in Economics and Finance with number 583.

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Length: 23 pages
Date of creation: 31 Jan 2005
Date of revision:
Handle: RePEc:hhs:hastef:0583
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  1. Voorneveld, Mark, 2004. "Preparation," Games and Economic Behavior, Elsevier, vol. 48(2), pages 403-414, August.
  2. Voorneveld, Mark & Kets, Willemien & Norde, Henk, 2005. "An axiomatization of minimal curb sets," SSE/EFI Working Paper Series in Economics and Finance 589, Stockholm School of Economics, revised 18 Mar 2005.
  3. Challet, Damien & Marsili, Matteo & Zhang, Yi-Cheng, 2013. "Minority Games: Interacting agents in financial markets," OUP Catalogue, Oxford University Press, number 9780199686698, June.
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  7. Tercieux, Olivier, 2006. "p-Best response set," Journal of Economic Theory, Elsevier, vol. 131(1), pages 45-70, November.
  8. Morris, Stephen & Ui, Takashi, 2004. "Best response equivalence," Games and Economic Behavior, Elsevier, vol. 49(2), pages 260-287, November.
  9. Basu, K. & Weibull, J., 1990. "Strategy Subsets Closed Under Rational Behavior," Papers 62, Princeton, Woodrow Wilson School - Discussion Paper.
  10. Monderer, Dov & Shapley, Lloyd S., 1996. "Potential Games," Games and Economic Behavior, Elsevier, vol. 14(1), pages 124-143, May.
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  12. Zhou Lin, 1994. "The Set of Nash Equilibria of a Supermodular Game Is a Complete Lattice," Games and Economic Behavior, Elsevier, vol. 7(2), pages 295-300, September.
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  18. Vitaly Pruzhansky, 2003. "On finding curb sets in extensive games," International Journal of Game Theory, Springer;Game Theory Society, vol. 32(2), pages 205-210, December.
  19. Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-77, November.
  20. Slade, Margaret E, 1994. "What Does an Oligopoly Maximize?," Journal of Industrial Economics, Wiley Blackwell, vol. 42(1), pages 45-61, March.
  21. W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers 94-03-014, Santa Fe Institute.
  22. Thomas Quint & Martin Shubik, 1994. "A Model of Migration," Cowles Foundation Discussion Papers 1088, Cowles Foundation for Research in Economics, Yale University.
  23. Hurkens, S., 1993. "Multi-Sided Pre-Play Communication By Burning Money," Papers 9319, Tilburg - Center for Economic Research.
  24. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  25. Voorneveld, Mark, 2005. "Persistent retracts and preparation," Games and Economic Behavior, Elsevier, vol. 51(1), pages 228-232, April.
  26. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  27. Droste, E.J.R. & Kosfeld, M. & Voorneveld, M., 1998. "A Myopic Adjustment Process Leading to Best-Reply Matching," Discussion Paper 1998-111, Tilburg University, Center for Economic Research.
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