A necessary and sufficient epistemic condition for playing backward induction
Article Abstract:
A mathematical game theory model was developed to assess subgame perfect conditions in an environment where perfect information is posited on agents acting on the principle of backward induction. An epistemic framework, attributed to Aumann, was used in the model. The model showed that common knowledge, the condition of perfect information, can be assumed of the agents later in the process, not necessarily as a precondition.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1997
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Axiomatizations of neoclassical concepts for economies
Article Abstract:
The Pareto correspondence, the core and the Walras solution were characterized by employing the axioms of consistency, converse consistency and one-person rationality. The consistency and its opposite are described with respect to properly devised decreased economies for each case. The results support the popular class of coalitional production economies, which treats exchange economies as a specific case.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1998
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A note on ergodic distributions in two-agent economies
Article Abstract:
An analysis of the distribution of wealth studies the growth of two agent's wealth varies with time and diffusions as described by an Ito process. The two-agent economy permits researchers to study relative changes in individual and aggregate variables. In spite of aggregate shocks, wealth distribution is shown to be ergodic; that is, it tends to revert to a previous condition.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1997
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