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Approximation Results for Discontinuous Games with an Application to Equilibrium Refinement

  • Oriol Carbonell-Nicolau

    ()

    (Rutgers University)

  • Richard McLean

    ()

    (Rutgers University)

We provide approximation results for Nash equilibria in possibly discontinuous games when payoffs and strategy sets are perturbed, and compare these conditions to those considered in the related literature. We then prove existence results for a new "finitistic" infinite-game generalization of Selten's [17] notion of perfection, and study some of its properties. The existence results, which rely on the approximation theorems, relate existing notions of perfection to the new specification.

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Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 201128.

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Length: 20 pages
Date of creation: 16 Aug 2011
Date of revision:
Handle: RePEc:rut:rutres:201128
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  1. Oriol Carbonell-Nicolau, 2011. "The Existence of Perfect Equilibrium in Discontinuous Games," Games, MDPI, Open Access Journal, vol. 2(3), pages 235-256, July.
  2. Carmona, Guilherme, 2009. "An existence result for discontinuous games," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1333-1340, May.
  3. Oriol Carbonell-Nicolau & Richard McLean, 2011. "Approximation Results for Discontinuous Games with an Application to Equilibrium Refinement," Departmental Working Papers 201128, Rutgers University, Department of Economics.
  4. Philip J. Reny, 1999. "On the Existence of Pure and Mixed Strategy Nash Equilibria in Discontinuous Games," Econometrica, Econometric Society, vol. 67(5), pages 1029-1056, September.
  5. Simon, Leo K, 1987. "Games with Discontinuous Payoffs," Review of Economic Studies, Wiley Blackwell, vol. 54(4), pages 569-97, October.
  6. Dasgupta, Partha & Maskin, Eric, 1986. "The Existence of Equilibrium in Discontinuous Economic Games, II: Applications," Review of Economic Studies, Wiley Blackwell, vol. 53(1), pages 27-41, January.
  7. Al-Najjar, Nabil, 1995. "Strategically stable equilibria in games with infinitely many pure strategies," Mathematical Social Sciences, Elsevier, vol. 29(2), pages 151-164, April.
  8. Bajoori Elnaz & Flesch János & Vermeulen Dries, 2011. "Perfect equilibrium in games with compact action spaces," Research Memorandum 029, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  9. Yu, Jian, 1999. "Essential equilibria of n-person noncooperative games," Journal of Mathematical Economics, Elsevier, vol. 31(3), pages 361-372, April.
  10. Luciano Castro, 2011. "Equilibrium existence and approximation of regular discontinuous games," Economic Theory, Springer, vol. 48(1), pages 67-85, September.
  11. Bernard Lebrun, 1996. "Existence of an equilibrium in first price auctions (*)," Economic Theory, Springer, vol. 7(3), pages 421-443.
  12. Philip Reny, 2011. "Strategic approximations of discontinuous games," Economic Theory, Springer, vol. 48(1), pages 17-29, September.
  13. Guilherme Carmona, 2011. "Symposium on: Existence of Nash equilibria in discontinuous games," Economic Theory, Springer, vol. 48(1), pages 1-4, September.
  14. Lebrun, Bernard, 1996. "Existence of an Equilibrium in First Price Auctions," Economic Theory, Springer, vol. 7(3), pages 421-43, April.
  15. Dasgupta, Partha & Maskin, Eric, 1986. "The Existence of Equilibrium in Discontinuous Economic Games, I: Theory," Review of Economic Studies, Wiley Blackwell, vol. 53(1), pages 1-26, January.
  16. Pavlo Prokopovych, 2011. "On equilibrium existence in payoff secure games," Economic Theory, Springer, vol. 48(1), pages 5-16, September.
  17. Simon, Leo K & Stinchcombe, Maxwell B, 1995. "Equilibrium Refinement for Infinite Normal-Form Games," Econometrica, Econometric Society, vol. 63(6), pages 1421-43, November.
  18. Carbonell-Nicolau, Oriol, 2011. "Perfect and limit admissible perfect equilibria in discontinuous games," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 531-540.
  19. Andrew McLennan & Paulo K. Monteiro & Rabee Tourky, 2011. "Games With Discontinuous Payoffs: A Strengthening of Reny's Existence Theorem," Econometrica, Econometric Society, vol. 79(5), pages 1643-1664, 09.
  20. Adib Bagh & Alejandro Jofre, 2006. "Reciprocal Upper Semicontinuity and Better Reply Secure Games: A Comment," Econometrica, Econometric Society, vol. 74(6), pages 1715-1721, November.
  21. Carbonell-Nicolau, Oriol, 2011. "On the existence of pure-strategy perfect equilibrium in discontinuous games," Games and Economic Behavior, Elsevier, vol. 71(1), pages 23-48, January.
  22. Bagh, Adib, 2010. "Variational convergence: Approximation and existence of equilibria in discontinuous games," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1244-1268, May.
  23. Guilherme Carmona, 2011. "Understanding some recent existence results for discontinuous games," Economic Theory, Springer, vol. 48(1), pages 31-45, September.
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