On the existence of equilibria in discontinuous games: three counterexamples |
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Authors: | Guilherme Carmona |
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Institution: | (1) Universidade Nova de Lisboa, Faculdade de Economia, Campus de Campolide, 1099-032 Lisboa, Portugal |
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Abstract: | We study whether we can weaken the conditions given in Reny 4] and still obtain existence of pure strategy Nash equilibria in quasiconcave normal form games, or, at least, existence of pure strategy ɛ-equilibria for all ɛ>0. We show by examples that there are:1. quasiconcave, payoff secure games without pure strategy ɛ-equilibria for small enough ɛ>0 (and hence, without pure strategy Nash equilibria),2. quasiconcave, reciprocally upper semicontinuous games without pure strategy ɛ-equilibria for small enough ɛ>0, and3. payoff secure games whose mixed extension is not payoff secure.The last example, due to Sion and Wolfe 6], also shows that non-quasiconcave games that are payoff secure and reciprocally upper semicontinuous may fail to have mixed strategy equilibria.I wish to thank the editor, an associate editor and an anonymous referee for very helpful comments. I thank also John Huffstot for editorial assistance. Any remaining error is, of course, mine |
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Keywords: | discontinuous games payoff security reciprocal upper semicontinuity nash equilibrium |
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