A new old solution for weak tournaments |
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Authors: | Vincent Anesi |
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Institution: | 1. School of Economics, University of Nottingham, University Park, Room B18, The Sir Clive Granger Building, Nottingham, NG7 2RD, UK
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Abstract: | This article uncovers dynamic properties of the von Neumann–Morgenstern solution in weak tournaments and majoritarian games. We propose a new procedure for the construction of choice sets from weak tournaments, based on dynamic stability criteria. The idea is to analyze dynamic versions of tournament games. The exploration of a specific class of Markov perfect equilibria in these “dynamic tournament games” yields a new solution concept for weak tournaments—the A-stable set. The alternatives in an A-stable set constitute persistent, long-run policy outcomes in the corresponding dynamic tournament games. We find that, in any weak tournament, the class of A-stable sets coincides with that of von Neumann–Morgenstern stable sets. |
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