Topic
Equilibrium selection
About: Equilibrium selection is a research topic. Over the lifetime, 4577 publications have been published within this topic receiving 176418 citations.
Papers published on a yearly basis
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Papers
Book•
1 Jan 1998TL;DR: In this book the authors investigate the nonlinear dynamics of the self-regulation of social and economic behavior, and of the closely related interactions among species in ecological communities.
Abstract: Every form of behavior is shaped by trial and error. Such stepwise adaptation can occur through individual learning or through natural selection, the basis of evolution. Since the work of Maynard Smith and others, it has been realized how game theory can model this process. Evolutionary game theory replaces the static solutions of classical game theory by a dynamical approach centered not on the concept of rational players but on the population dynamics of behavioral programs. In this book the authors investigate the nonlinear dynamics of the self-regulation of social and economic behavior, and of the closely related interactions among species in ecological communities. Replicator equations describe how successful strategies spread and thereby create new conditions that can alter the basis of their success, i.e., to enable us to understand the strategic and genetic foundations of the endless chronicle of invasions and extinctions that punctuate evolution. In short, evolutionary game theory describes when to escalate a conflict, how to elicit cooperation, why to expect a balance of the sexes, and how to understand natural selection in mathematical terms.
Comprehensive treatment of ecological and game theoretic dynamics
Invasion dynamics and permanence as key concepts
Explanation in terms of games of things like competition between species
5,583 citations
Posted Content•
TL;DR: In this article, it is shown that every mutual-max or mutual-min Nash equilibrium is a fairness equilibrium, and that if payoffs are small, fairness equilibria are roughly the set of mutualmax and mutualmin outcomes; if payoff are large, fairness equilibrium are roughly a set of Nash equilibra.
Abstract: People like to help those who are helping them and to hurt those who are hurting them. Outcomes rejecting such motivations are called fairness equilibria. Outcomes are mutual-max when each person maximizes the other's material payoffs, and mutual-min when each person minimizes the other's payoffs. It is shown that every mutual-max or mutual-min Nash equilibrium is a fairness equilibrium. If payoffs are small, fairness equilibria are roughly the set of mutual-max and mutual-min outcomes; if payoffs are large, fairness equilibria are roughly the set of Nash equilibria. Several economic examples are considered and possible welfare implications of fairness are explored. Copyright 1993 by American Economic Association.
5,271 citations
TL;DR: In this paper, the authors present a number of formal restrictions of this sort, investigate their behavior in specific examples, and relate these restrictions to Kohlberg and Mertens' notion of stability.
Abstract: Games in which one party conveys private information to a second through messages typically admit large numbers of sequential equilibria, as the second party may entertain a wealth of beliefs in response to out-of-equilibrium messages. By restricting those out-of equilibrium beliefs, one can sometimes eliminate many unintuitive equilibria. We present a number of formal restrictions of this sort, investigate their behavior in specific examples, and relate these restrictions to Kohlberg and Mertens` notion of stability.
3,794 citations
Book•
1 Jan 1998
TL;DR: Fudenberg and Levine as discussed by the authors developed an alternative explanation that equilibrium arises as the long-run outcome of a process in which less than fully rational players grope for optimality over time.
Abstract: In economics, most noncooperative game theory has focused on equilibrium in games, especially Nash equilibrium and its refinements. The traditional explanation for when and why equilibrium arises is that it results from analysis and introspection by the players in a situation where the rules of the game, the rationality of the players, and the players' payoff functions are all common knowledge. Both conceptually and empirically, this theory has many problems. In The Theory of Learning in Games Drew Fudenberg and David Levine develop an alternative explanation that equilibrium arises as the long-run outcome of a process in which less than fully rational players grope for optimality over time. The models they explore provide a foundation for equilibrium theory and suggest useful ways for economists to evaluate and modify traditional equilibrium concepts.
3,266 citations
Book•
1 Jan 1988
TL;DR: Harsanyi and Selten as mentioned in this paper proposed rational criteria for selecting one particular uniformly perfect equilibrium point as the solution of any non-cooperative game, and applied this theory to a number of specific game classes, such as unanimity games, bargaining with transaction costs; trade involving one seller and several buyers; two-person bargaining with incomplete information on one side, and on both sides.
Abstract: The authors, two of the most prominent game theorists of this generation, have devoted a number of years to the development of the theory presented here, and to its economic applications. They propose rational criteria for selecting one particular uniformly perfect equilibrium point as the solution of any noncooperative game. And, because any cooperative game can be remodelled as a noncooperative bargaining game, their theory defines a one-point solution for any cooperative game as well. By providing solutions - based on the same principles of rational behavior - for all classes of games, both cooperative and noncooperative, both those with complete and with incomplete information, Harsanyi and Selten's approach achieves a remarkable degree of theoretical unification for game theory as a whole and provides a deeper insight into the nature of game-theoretic rationality. The book applies this theory to a number of specific game classes, such as unanimity games; bargaining with transaction costs; trade involving one seller and several buyers; two-person bargaining with incomplete information on one side, and on both sides. The last chapter discusses the relationship of the authors' theory to other recently proposed solution concepts, particularly the Kohberg-Mertens stability theory.
2,892 citations
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Performance Metrics
| Year | Papers |
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| 2025 | 10 |
| 2024 | 15 |
| 2023 | 42 |
| 2022 | 68 |
| 2021 | 34 |
| 2020 | 35 |