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Equilibrium Selection in Global Games with Strategic Substitutes

  • Rodrigo J. Harrison

    (UTFSM Chile and Georgetown University USA)

Registered author(s):

    This paper proves an equilibrium selection result for a class of games with strategic substitutes. Specifically, for a general class of binary action, N-player games, we prove that each such game has a unique equilibrium strategy profile. Using a global game approach first introduced by Carlsson and van Damme (1993), recent selection results apply to games with strategic complementarities. The present paper uses the same approach but removes the assumption of perfect symmetry in the dominance region of the players' payoffs. Instead we assume that players are ordered such that asymmetric dominance regions overlapped sequentially. This allow us to extend selection results to a class of games with strategic substitutes.

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    File URL: http://econwpa.repec.org/eps/game/papers/0306/0306003.pdf
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    Paper provided by EconWPA in its series Game Theory and Information with number 0306003.

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    Length: 35 pages
    Date of creation: 25 Jun 2003
    Date of revision:
    Handle: RePEc:wpa:wuwpga:0306003
    Note: Type of Document - Acrobat PDF; pages: 35
    Contact details of provider: Web page: http://econwpa.repec.org

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    1. Morris, Stephen & Shin, Hyun Song, 1997. "Unique Equilibrium in a Model of Self-fulfilling Currency Attacks," CEPR Discussion Papers 1687, C.E.P.R. Discussion Papers.
    2. Frankel, David M. & Morris, Stephen & Pauzner, Ady, 2003. "Equilibrium Selection in Global Games with Strategic Complementarities," Staff General Research Papers 11920, Iowa State University, Department of Economics.
    3. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, June.
    4. Carlsson, H. & van Damme, E.E.C., 1993. "Global games and equilibrium selection," Other publications TiSEM 49a54f00-dcec-4fc1-9488-4, Tilburg University, School of Economics and Management.
    5. KOHLBERG, Elon & MERTENS, Jean-François, . "On the strategic stability of equilibria," CORE Discussion Papers RP -716, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. Stephen Morris & Hyun S Shin, 2001. "Global Games: Theory and Applications," Levine's Working Paper Archive 122247000000001080, David K. Levine.
    7. Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, vol. 85(3), pages 291-303, June.
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