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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. Ehud Kalai & Dov Samet, 1982. "Persistent Equilibria in Strategic Games," Discussion Papers 515, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Bernheim, B Douglas, 1984. "Rationalizable Strategic Behavior," Econometrica, Econometric Society, vol. 52(4), pages 1007-28, July.
  3. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May.
  4. 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.
  5. Voorneveld, Mark, 2004. "Preparation," Games and Economic Behavior, Elsevier, vol. 48(2), pages 403-414, August.
  6. 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.
  7. Dufwenberg, M. & Norde, H. & Reijnierse, H. & Tijs, S., 1998. "The Consistency Principle for Set-Valued Solutions and a New Direction for Normative Game Theory," Papers 1998-11, Uppsala - Working Paper Series.
  8. Basu, Kaushik & Weibull, Jorgen W., 1991. "Strategy subsets closed under rational behavior," Economics Letters, Elsevier, vol. 36(2), pages 141-146, June.
  9. Peleg, B. & Tijs, S., 1993. "The Consistency Principle for Games in Strategic Form," Papers 9306, Tilburg - Center for Economic Research.
  10. repec:spr:compst:v:54:y:2001:i:1:p:119-131 is not listed on IDEAS
  11. Peleg, Bezalel & Potters, Jos A M & Tijs, Stef H, 1996. "Minimality of Consistent Solutions for Strategic Games, in Particular for Potential Games," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 81-93, January.
  12. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  13. Voorneveld, Mark, 2005. "Persistent retracts and preparation," Games and Economic Behavior, Elsevier, vol. 51(1), pages 228-232, April.
  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. Chwe Michael Suk-Young, 1994. "Farsighted Coalitional Stability," Journal of Economic Theory, Elsevier, vol. 63(2), pages 299-325, August.
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