Minimax regret and strategic uncertainty

被引：34

作者：

Renou, Ludovic ^{[1
]}

Schlag, Karl H. ^{[2
]}

机构：

[1] Univ Leicester, Dept Econ, Leicester LE1 7RH, Leics, England

[2] Univ Pompeu Fabra, Dept Econ & Business, Barcelona, Spain

来源：

JOURNAL OF ECONOMIC THEORY | 2010年 / 145卷 / 01期

关键词：

Minimax regret; Rationality; Conjectures; Price dispersion; Auction; EQUILIBRIUM; EXISTENCE; AVERSION; BELIEFS; CHOICE; GAMES;

D O I：

10.1016/j.jet.2009.07.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper introduces a new solution concept, a minimax regret equilibrium, which allows for the possibility that players are uncertain about the rationality and conjectures of their opponents. We provide several applications of our concept. In particular, we consider price-setting environments and show that optimal pricing policy follows a non-degenerate distribution. The induced price dispersion is consistent with experimental and empirical observations (Baye and Morgan (2004) [4]). (C) 2009 Elsevier Inc. All rights reserved.

引用

页码：264 / 286

页数：23

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