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Опубликовано на портале: 31-01-2007Motty Perry, Philip John Reny Econometrica. 1994. Vol. 62. No. 4. P. 795-817.
A noncooperative implementation of the core is provided for games with transferable utility. The implementation obtained here is meant to reflect the standard motivation for the core as closely as possible. In the model proposed, time is continuous. This idealized treatment of time is most amenable for capturing an essential feature of the core - there is always time to reject a noncore proposal before it is consumated.
Опубликовано на портале: 30-01-2007Muhamet Yildiz Econometrica. 2003. Vol. 71. No. 3. P. 793-811.
In sequential bargaining models without outside options, each player's bargaining power is ultimately determined by which player will make an offer and when. This paper analyzes a sequential bargaining model in which players may hold different beliefs about which player will make an offer and when. Excessive optimism about making offers in the future can cause delays in agreement. The main result states that, despite this, if players will remain sufficiently optimistic for a sufficiently long future, then in equilibrium they will agree immediately. This result is also extended to other canonical models of optimism.
Common Agency [статья]
Опубликовано на портале: 31-01-2007B. Douglas Bernheim, Michael D. Whinston Econometrica. 1986. Vol. 54. No. 4. P. 923-942.
We extend the principal-agent framework with risk-neutral principals to situations in which several principals simultaneously and independently attempt to influence a common agent. We show that implementation is, in the aggregate, always efficient (cost-minimizing), and that noncooperative behavior induces an efficient (potentially second-best) action choice if and only if collusion among the principals would implement the first-best action at the first-best level of cost. We also investigate the existence of equilibria, the distribution of net rewards among principals, the characteristics of actions chosen in inefficient equilibria, and potential institutional remedies for welfare losses induced by noncooperative behavior.
Опубликовано на портале: 30-01-2007Philip John Reny, R. Preston McAfee Econometrica. 1992. Vol. 60. No. 2. P. 395-421.
In models of asymmetric information, possession of private information leads to rents for the possessors. This induces mechanism designers to distort away from efficiency. The authors show that this is an artifact of the presumption that information is independently distributed. Rent extraction in a large class of mechanism design games is analyzed, and a necessary and sufficient condition for arbitrarily small rents to private information is provided. Additionally, the two-person bargaining game is shown to have an efficient solution under first-order stochastic dominance and a hazard rate condition. Similar conditions allow full rent extraction in Milgrom-Weber auctions.
Опубликовано на портале: 24-01-2007Robert J. Aumann, Adam Brandenburger Econometrica. 1995. Vol. 63. No. 5. P. 1161-1180.
Sufficient conditions for Nash equilibrium in an n-person game are given in terms of what the players know and believe - about the game, and about each other's rationality, actions, knowledge, and beliefs. Mixed strategies are treated not as conscious randomizations, but as conjectures, on the part of other players, as to what a player will do. Common knowledge plays a smaller role in characterizing Nash equilibrium than had been supposed. When n=2, mutual knowledge of the payoff functions, of rationality, and of the conjectures implies that the conjectures form a Nash equilibrium. When n (greater than or equal to) 3 and there is a common prior, mutual knowledge of the payoff functions and of rationality, and common knowledge of the conjectures, imply that the conjectures form a Nash equilibrium. Examples show the results to be tight.
Опубликовано на портале: 30-01-2007George J. Mailath, Larry Samuelson, Jeroen M. Swinkels Econometrica. 1993. Vol. 61. No. 2. P. 273-302.
Different extensive form games with the same reduced normal form can have different information sets and subgames. This generates a tension between a belief in the strategic relevance of information sets and subgames and a belief in the sufficiency of the reduced normal form. We identify a property of extensive form information sets and subgames which we term strategic independence. Strategic independence is captured by the reduced normal form, and can be used to define normal form information sets and subgames. We prove a close relationship between these normal form structures and their extensive form namesakes. Using these structures, we are able to motivate and implement solution concepts corresponding to subgame perfection, sequential equilibrium, and forward induction entirely in the reduced normal form, and show close relations between their implications in the normal and extensive form.
Опубликовано на портале: 30-01-2007Drew Fudenberg, Eric S. Maskin Econometrica. 1986. Vol. 54. No. 3. P. 533-554.
When either there are only two players or a "full dimensionality" condition holds, any individually rational payoff vector of a one-shot game of complete information can arise in a perfect equilibrium of the infinitely-repeated game if players are sufficiently patient. In contrast to earlier work, mixed strategies are allowed in determining the individually rational payoffs (even when only realized actions are observable). Any individually rational payoffs of a one-shot game can be approximated by sequential equilibrium payoffs of a long but finite game of incomplete information, where players' payoffs are almost certainly as in the one-shot game.
Games Played Through Agents [статья]
Опубликовано на портале: 30-01-2007Aldo Rustichini, Andrea Prat Econometrica. 2003. Vol. 71. No. 4. P. 989-1026.
We introduce a game of complete information with multiple principals and multiple common agents. Each agent makes a decision that can affect the payoffs of all principals. Each principal offers monetary transfers to each agent conditional on the action taken by the agent. We characterize pure-strategy equilibria and we provide conditions-in terms of game balancedness-for the existence of an equilibrium with an efficient outcome. Games played through agents display a type of strategic inefficiency that is absent when either there is a unique principal or there is a unique agent.
Опубликовано на портале: 30-01-2007Eric van Damme, Hans Carlsson Econometrica. 1993. Vol. 61. No. 5. P. 989-1018.
A global game is an incomplete information game where the actual payoff structure is determined by a random draw from a given class of games and where each player makes a noisy observation of the selected game. For 2 x 2 games, it is shown that, when the noise vanishes, iterated elimination of dominated strategies in the global game forces the players to conform to J. C. Harsanyi and R. Selten's risk dominance criterion.
Опубликовано на портале: 24-01-2007Dilip Abreu, Paul Robert Milgrom, David Pearce Econometrica. 1991. Vol. 59. No. 6. P. 1713-1734.
In a repeated partnership game with imperfect monitoring, we distinguish among the effects of (1) reducing the interest rate, (2) shortening the period over which actions are held fixed, and (3) shortening the lag with which accumulated information is reported. All three changes are equivalent in games with perfect monitoring. With imperfect monitoring, reducing the interest rate always increases the possibilities for cooperation, but the other two changes always have the reverse effect when the interest rate is small.
Опубликовано на портале: 22-01-2007Edward Green, Robert H. Porter Econometrica. 1984. Vol. 52. No. 1. P. 87-100.
Recent work in game theory has shown that, in principle, it may be possible for firms in an industry to form a self-policing cartel to maximize their joint profits. This paper examines the nature of cartel self-enforcement in the presence of demand uncertainty. A model of a noncooperatively supported cartel is presented, and the aspects of industry structure which would make such a cartel viable are discussed.
Опубликовано на портале: 22-01-2007Hugo F. Sonnenschein, Faruk Gul Econometrica. 1988. Vol. 56. No. 3. P. 601-611.
Recently, attention has been given to a model of two-person bargaining in which the parties alternate making offers and there is uncertainty about the valuation of one party. The purpose of the analysis has been to identify delay to agreement with a screening process, where agents with relatively lower valuations distinguish themselves by waiting longer to settle. We point out a fundamental difficulty with this program by demonstrating that the assumptions used in the literature allow for delay only in so far as the time between offers is significant.
Опубликовано на портале: 24-01-2007John Hillas Econometrica. 1990. Vol. 58. No. 6. P. 1365-1390.
A new definition of strategic stability is shown to satisfy all of the requirements given by Elon Kohlberg and Jean-Francois Mertens (1986). The definition follows the general form of the original definition of Kohlberg and Mertens, but, rather than working with perturbations of the payoffs or strategy space, works directly with perturbations to the best reply correspondence. With the appropriate topology on this space of perturbations, the resulting definition does satisfy all of the requirements given by Kohlberg and Mertens. It is shown that one does not have much freedom in the topology one uses.
Опубликовано на портале: 24-01-2007Jean-François Mertens, Elon Kohlberg Econometrica. 1986. Vol. 54. No. 5. P. 1003-1037.
A basic problem in the theory of noncooperative games is the following: which Nash equilibria are strategically stable, i.e. self-enforcing, and does every game have a strategically stable equilibrium? We list three conditions which seem necessary for strategic stability - backwards induction, iterated dominance, and invariance - and define a set-valued equilibrium concept that satisfies all three of them. We prove that every game has at least one such equilibrium set. Also, we show that the departure from the usual notion of single-valued equilibrium is relatively minor, because the sets reduce to points in all generic games.
Опубликовано на портале: 30-01-2007Ehud Kalai, Meir Smorodinsky Econometrica. 1975. Vol. 43. No. 3. P. 513-518.
A two-person bargaining model is considered. It is shown that under four axioms that describe the behavior of players there is a unique solution for such a problem. The axioms and the solution presented are different from those suggested by Nash. Also, families of solutions which are continuous are discussed.