An Axiomatization of Minimal Curb Sets

M. Voorneveld, W. Kets, H.W. Norde

Research output: Working paperDiscussion paperOther research output

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Abstract

Norde et al.[Games Econ.Behav. 12 (1996) 219] proved that none of the equilibrium concepts in the literature on equilibrium selection in finite strategic games satisfying existence is consistent.A transition to set-valued solution concepts overcomes the inconsistency problem: there is a multiplicity of consistent set-valued solution concepts that satisfy nonemptiness and recommend utility maximization in one-player games.The minimal curb sets of Basu and Weibull [Econ.Letters 36 (1991) 141] constitute one such solution concept; this solution concept is axiomatized in this article.
Original languageEnglish
Place of PublicationTilburg
PublisherMicroeconomics
Number of pages12
Volume2005-53
Publication statusPublished - 2005

Publication series

NameCentER Discussion Paper
Volume2005-53

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Axiomatization
Solution concepts
Equilibrium selection
Inconsistency
Utility maximization
Multiplicity
Strategic games

Keywords

  • Minimal curb set
  • Consistency

Cite this

Voorneveld, M., Kets, W., & Norde, H. W. (2005). An Axiomatization of Minimal Curb Sets. (CentER Discussion Paper; Vol. 2005-53). Tilburg: Microeconomics.
Voorneveld, M. ; Kets, W. ; Norde, H.W. / An Axiomatization of Minimal Curb Sets. Tilburg : Microeconomics, 2005. (CentER Discussion Paper).
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Voorneveld, M, Kets, W & Norde, HW 2005 'An Axiomatization of Minimal Curb Sets' CentER Discussion Paper, vol. 2005-53, Microeconomics, Tilburg.

An Axiomatization of Minimal Curb Sets. / Voorneveld, M.; Kets, W.; Norde, H.W.

Tilburg : Microeconomics, 2005. (CentER Discussion Paper; Vol. 2005-53).

Research output: Working paperDiscussion paperOther research output

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N2 - Norde et al.[Games Econ.Behav. 12 (1996) 219] proved that none of the equilibrium concepts in the literature on equilibrium selection in finite strategic games satisfying existence is consistent.A transition to set-valued solution concepts overcomes the inconsistency problem: there is a multiplicity of consistent set-valued solution concepts that satisfy nonemptiness and recommend utility maximization in one-player games.The minimal curb sets of Basu and Weibull [Econ.Letters 36 (1991) 141] constitute one such solution concept; this solution concept is axiomatized in this article.

AB - Norde et al.[Games Econ.Behav. 12 (1996) 219] proved that none of the equilibrium concepts in the literature on equilibrium selection in finite strategic games satisfying existence is consistent.A transition to set-valued solution concepts overcomes the inconsistency problem: there is a multiplicity of consistent set-valued solution concepts that satisfy nonemptiness and recommend utility maximization in one-player games.The minimal curb sets of Basu and Weibull [Econ.Letters 36 (1991) 141] constitute one such solution concept; this solution concept is axiomatized in this article.

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KW - Consistency

M3 - Discussion paper

VL - 2005-53

T3 - CentER Discussion Paper

BT - An Axiomatization of Minimal Curb Sets

PB - Microeconomics

CY - Tilburg

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Voorneveld M, Kets W, Norde HW. An Axiomatization of Minimal Curb Sets. Tilburg: Microeconomics. 2005. (CentER Discussion Paper).