Subgame-perfection in free transition games

J. Flesch, J. Kuipers, G. Schoenmakers and K. Vrieze

European Journal of Operational Research, 2013, vol. 228, issue 1, 201-207

Abstract: We prove the existence of a subgame-perfect ε-equilibrium, for every ε>0, in a class of multi-player games with perfect information, which we call free transition games. The novelty is that a non-trivial class of perfect information games is solved for subgame-perfection, with multiple non-terminating actions, in which the payoff structure is generally not (upper or lower) semi-continuous. Due to the lack of semi-continuity, there is no general rule of comparison between the payoffs that a player can obtain by deviating a large but finite number of times or, respectively, infinitely many times. We introduce new techniques to overcome this difficulty.

Keywords: Perfect information game; Recursive game; Stochastic game; Subgame-perfect equilibrium; Average payoff (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:228:y:2013:i:1:p:201-207

DOI: 10.1016/j.ejor.2013.01.034

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