Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Folk Theorem for Repeated Games with Observation Costs
Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
A Folk Theorem for Finitely Repeated Games with Public Monitoring
Author: Johannes HörnerPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Non-Cooperative Game Theory
Author: Takako Fujiwara-GrevePublisher: Springer
ISBN: 4431556451
Category : Mathematics
Languages : en
Pages : 263
Book Description
This is a textbook for university juniors, seniors, and graduate students majoring in economics, applied mathematics, and related fields. Each chapter is structured so that a core concept of that chapter is presented with motivations, useful applications are given, and related advanced topics are discussed for future study. Many helpful exercises at various levels are provided at the end of each chapter. Therefore, this book is most suitable for readers who intend to study non-cooperative game theory rigorously for both theoretical studies and applications. Game theory consists of non-cooperative games and cooperative games. This book covers only non-cooperative games, which are major tools used in current economics and related areas. Non-cooperative game theory aims to provide a mathematical prediction of strategic choices by decision makers (players) in situations of conflicting interest. Through the logical analyses of strategic choices, we obtain a better understanding of social (economic, business) problems and possible remedies. The book contains many well-known games such as the prisoner’s dilemma, chicken (hawk–dove) game, coordination game, centipede game, and Cournot, Bertrand, and Stackelberg models in oligopoly. It also covers some advanced frameworks such as repeated games with non-simultaneous moves, repeated games with overlapping generations, global games, and voluntarily separable repeated prisoner’s dilemma, so that readers familiar with basic game theory can expand their knowledge. The author’s own research is reflected in topics such as formulations of information and evolutionary stability, which makes this book unique.
Repeated Games with Observation Costs
Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
A Nash Threats Folk Theorem for Repeated Games with Local Monitoring
Author: Krittanai LaohakunakornPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
We study sequential equilibrium payoffs of a repeated game with local interaction and local monitoring. An undirected network determines both the interaction and the monitoring structure. When players do not discount the future, a sequentially rational Nash threats folk theorem holds without any restrictions on the network structure. To prove this result, we construct strategies that support as a sequential equilibrium any payoff vector which is a convex combination (with rational weights) of stage game payoffs and is such that each player is strictly better off than under a Nash equilibrium of the stage game. No form of communication or coordination device is required. On the other hand, when players discount the future, the folk theorem cannot hold in our setting unless further restrictions are made either on payoffs or the network structure.
The Folk Theorem for Repeated Games
Author: Dilip AbreuPublisher:
ISBN:
Category : Game theory
Languages : en
Pages : 11
Book Description
Continuous-time Repeated Games with Imperfect Information
Author: Benjamin BernardPublisher:
ISBN:
Category : Game theory
Languages : en
Pages : 184
Book Description
This thesis treats continuous-time models of repeated interactions with imperfect public monitoring. In such models, players do not directly observe each other's actions and instead see only the impacts of the chosen actions on the distribution of a random signal. Often, there are two reasons why this signal imperfectly reflects the chosen actions: (a) information is continuously available but it is noisy, or (b) events are observable but occur only at intermittent occasions. In a continuous-time setting, these two different types of information can be cleanly distinguished, where Brownian motion is used to model noise in the continuous information and Poisson processes indicate the arrival of informative events with an intensity that depends on players' actions. The first major result of this thesis is a folk theorem for continuous-time repeated games even when players receive only noisy information about past play. The folk theorem gives sufficient conditions such that players achieve asymptotic efficiency as they get arbitrarily patient. Because more outcomes are sustainable in equilibrium when more information is observed, this result also applies when players receive both aforementioned types of imperfect information. In the proof, we restrict ourselves to strategies that are adjusted only at identical copies of certain stopping times. This has two important implications: (1) despite the possibility of switching actions infinitesimally fast, players do not need to do so to attain asymptotic efficiency, and (2) continuous-time equilibria can be attained as limits of equilibria in discrete-time repeated games where the length of the time period is random, rather than fixed. The other main result of this thesis is a characterization of all payoffs that are attainable in equilibrium in such games with two finitely patient players. Relating optimal actions and incentives to the boundary of the equilibrium payoff set, we obtain a differential equation describing the curvature of the set at almost every point. The equilibrium payoff set is obtained from an iterative procedure, which is similar to that known for discrete-time repeated games but leads to an explicit characterization in our setting. Our result shows that the two types of information have drastically different impacts on the equilibrium payoff set. This is due to the fundamental difference in which the two types of information are used to provide incentives: while the continuous information can be used only to transfer value between players, the discontinuous information may be used to transfer or destroy value upon the arrival of an infrequent event. The quantitative nature of the result makes it possible to precisely measure the impact of abrupt information on the efficiency of players' payoffs in equilibrium. Thus, one can compare the value of additional information to the cost of procuring or providing it, which may lead to interesting applications in mechanism design and information disclosure.
An "anti-Folk Theorem" for a Class of Asynchronously Repeated Games
Author: Roger D. LagunoffPublisher:
ISBN:
Category :
Languages : en
Pages : 36
Book Description
Repeated Games with Imperfect Private Monitoring
Author: George J. MailathPublisher:
ISBN:
Category : Game theory
Languages : en
Pages : 40
Book Description
The Folk Theorem in Repeated Games with Discounting and with Incomplete Information
Author: Drew FudenbergPublisher:
ISBN:
Category :
Languages : en
Pages : 36
Book Description
