A notion of subgame perfect nash equilibrium under knightian uncertainty
Autor(a) principal: | |
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Data de Publicação: | 1997 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12366 |
Resumo: | We define a subgame perfect Nash equilibrium under Knightian uncertainty for two players, by means of a recursive backward induction procedure. We prove an extension of the Zermelo-von Neumann-Kuhn Theorem for games of perfect information, i. e., that the recursive procedure generates a Nash equilibrium under uncertainty (Dow and Werlang(1994)) of the whole game. We apply the notion for two well known games: the chain store and the centipede. On the one hand, we show that subgame perfection under Knightian uncertainty explains the chain store paradox in a one shot version. On the other hand, we show that subgame perfection under uncertainty does not account for the leaving behavior observed in the centipede game. This is in contrast to Dow, Orioli and Werlang(1996) where we explain by means of Nash equilibria under uncertainty (but not subgame perfect) the experiments of McKelvey and Palfrey(1992). Finally, we show that there may be nontrivial subgame perfect equilibria under uncertainty in more complex extensive form games, as in the case of the finitely repeated prisoner's dilemma, which accounts for cooperation in early stages of the game . |
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Werlang, Sérgio Ribeiro da CostaEscolas::EPGEFGV2014-11-10T13:23:22Z2014-11-10T13:23:22Z1997-10-09http://hdl.handle.net/10438/12366We define a subgame perfect Nash equilibrium under Knightian uncertainty for two players, by means of a recursive backward induction procedure. We prove an extension of the Zermelo-von Neumann-Kuhn Theorem for games of perfect information, i. e., that the recursive procedure generates a Nash equilibrium under uncertainty (Dow and Werlang(1994)) of the whole game. We apply the notion for two well known games: the chain store and the centipede. On the one hand, we show that subgame perfection under Knightian uncertainty explains the chain store paradox in a one shot version. On the other hand, we show that subgame perfection under uncertainty does not account for the leaving behavior observed in the centipede game. This is in contrast to Dow, Orioli and Werlang(1996) where we explain by means of Nash equilibria under uncertainty (but not subgame perfect) the experiments of McKelvey and Palfrey(1992). Finally, we show that there may be nontrivial subgame perfect equilibria under uncertainty in more complex extensive form games, as in the case of the finitely repeated prisoner's dilemma, which accounts for cooperation in early stages of the game .engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessA notion of subgame perfect nash equilibrium under knightian uncertaintyinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaEconomia - Modelos estatísticosreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000088364.pdf000088364.pdfapplication/pdf459054https://repositorio.fgv.br/bitstreams/9745815e-b94c-4054-8d7a-9d7d8ac5bbfe/download9c2c7d44b7c20ff565b45c4a2b2d935aMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/cad84b8e-b779-4988-ac1c-8cbfe2f47d40/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000088364.pdf.txt000088364.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
title |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
spellingShingle |
A notion of subgame perfect nash equilibrium under knightian uncertainty Werlang, Sérgio Ribeiro da Costa Economia Economia - Modelos estatísticos |
title_short |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
title_full |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
title_fullStr |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
title_full_unstemmed |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
title_sort |
A notion of subgame perfect nash equilibrium under knightian uncertainty |
author |
Werlang, Sérgio Ribeiro da Costa |
author_facet |
Werlang, Sérgio Ribeiro da Costa |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Werlang, Sérgio Ribeiro da Costa |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Economia - Modelos estatísticos |
dc.subject.bibliodata.por.fl_str_mv |
Economia - Modelos estatísticos |
description |
We define a subgame perfect Nash equilibrium under Knightian uncertainty for two players, by means of a recursive backward induction procedure. We prove an extension of the Zermelo-von Neumann-Kuhn Theorem for games of perfect information, i. e., that the recursive procedure generates a Nash equilibrium under uncertainty (Dow and Werlang(1994)) of the whole game. We apply the notion for two well known games: the chain store and the centipede. On the one hand, we show that subgame perfection under Knightian uncertainty explains the chain store paradox in a one shot version. On the other hand, we show that subgame perfection under uncertainty does not account for the leaving behavior observed in the centipede game. This is in contrast to Dow, Orioli and Werlang(1996) where we explain by means of Nash equilibria under uncertainty (but not subgame perfect) the experiments of McKelvey and Palfrey(1992). Finally, we show that there may be nontrivial subgame perfect equilibria under uncertainty in more complex extensive form games, as in the case of the finitely repeated prisoner's dilemma, which accounts for cooperation in early stages of the game . |
publishDate |
1997 |
dc.date.issued.fl_str_mv |
1997-10-09 |
dc.date.accessioned.fl_str_mv |
2014-11-10T13:23:22Z |
dc.date.available.fl_str_mv |
2014-11-10T13:23:22Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12366 |
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http://hdl.handle.net/10438/12366 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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