A model of strategic behaviour in repeated games

Article Abstract:

A general model of strategic behavior in repeated games over indefinite time is presented. The model uses variable response strategies (VRS) within an axiomatic framework to determine unique outcomes for games and subgames. The unambiguous subgame outcomes show that these strategies are well defined and subgame perfect equilibria relative to VRS are characterized in a set. Implications on functional differential equations are also discussed.

Games of strategy (Mathematics)

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Evolution with state-dependent mutations

Article Abstract:

The refinement effect achieved by the introduction of small mutation rates in evolutionary models is studied using a model based on a finite Markov process. Results show that the refinement effect in such models can only be achieved by restricting the magnitude of the effect of mutation on evolution. This finding suggests that adding small mutation probabilities does not refine the set of long-run prediction.

Econometrics

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Anonymous sequential games with aggregate uncertainty

Article Abstract:

A study was conducted to examine the existence of equilibrium conditions of anonymous sequential games under aggregate uncertainty limits. The study considers earlier research which shows that equilibrium existence is possible in the case of nonstochastic evolution of agent characteristics for aggregate distributions. The current study shows that the stochastic case for distribution is also possible.

Research, Economic aspects, Equilibrium (Economics), Sequential analysis, Uncertainty

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