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An axiomatization of minimal curb sets

  • Voorneveld, Mark

    ()

    (Dept. of Economics, Stockholm School of Economics)

  • Kets, Willemien

    (Department of Econometrics and Operations Research)

  • Norde, Henk

    (Department of Econometrics and Operations Research)

Norde et al. [Games Econ. Behav. 12 (1996) 219] proved that none of the equilibrium concepts in the literature on equilibrium selection in finite strategic games satisfying existence is consistent. A transition to set-valued solution concepts overcomes the inconsistency problem: there is a multiplicity of consistent set-valued solution concepts that satisfy nonemptiness and recommend utility maximization in one-player games. The minimal curb sets of Basu and Weibull [Econ. Letters 36 (1991) 141] constitute one such solution concept; they are axiomatized in this article.

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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 589.

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Length: 11 pages
Date of creation: 04 Mar 2005
Date of revision: 18 Mar 2005
Publication status: Forthcoming in International Journal of Game Theory.
Handle: RePEc:hhs:hastef:0589
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  1. Dufwenberg, Martin & Norde, Henk & Reijnierse, Hans & Tijs, Stef, 1998. "The Consistency Principle for Set-valued Solutions and a New Direction for Normative Game Theory," Working Paper Series 1998:11, Uppsala University, Department of Economics.
  2. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 514, David K. Levine.
  3. Norde, H.W. & Potters, J.A.M. & Reijnierse, J.H. & Vermeulen, D., 1996. "Equilibrium selection and consistency," Other publications TiSEM a5c0103f-677a-4352-8bd1-7, Tilburg University, School of Economics and Management.
  4. Basu, K. & Weibull, J.W., 1990. "Strategy Subsets Closed Under Rational Behaviour," Papers 479, Stockholm - International Economic Studies.
  5. Peleg, B. & Potters, J.A.M. & Tijs, S.H., 1996. "Minimality of consistent solutions for strategic games, in particular for potential games," Other publications TiSEM 159e2ef3-4411-4900-9bf1-b, Tilburg University, School of Economics and Management.
  6. Peleg, B. & Tijs, S.H., 1993. "The consistency principle for games in strategic form," Discussion Paper 1993-6, Tilburg University, Center for Economic Research.
  7. Ehud Kalai & Dov Samet, 1982. "Persistent Equilibria in Strategic Games," Discussion Papers 515, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. Patrone, F. & Pieri, G. & Tijs, S.H. & Torre, A., 1996. "On Consistent Solutions for Strategic Games," Research Memorandum 732, Tilburg University, School of Economics and Management.
  9. Voorneveld, Mark, 2004. "Preparation," Games and Economic Behavior, Elsevier, vol. 48(2), pages 403-414, August.
  10. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May.
  11. Chwe Michael Suk-Young, 1994. "Farsighted Coalitional Stability," Journal of Economic Theory, Elsevier, vol. 63(2), pages 299-325, August.
  12. Voorneveld, Mark, 2005. "Persistent retracts and preparation," Games and Economic Behavior, Elsevier, vol. 51(1), pages 228-232, April.
  13. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  14. van Damme, Eric, 1998. "On the State of the Art in Game Theory: An Interview with Robert Aumann," Games and Economic Behavior, Elsevier, vol. 24(1-2), pages 181-210, July.
  15. repec:spr:compst:v:54:y:2001:i:1:p:119-131 is not listed on IDEAS
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