On Cournot-Nash Equilibrium Distributions for Games with Differential Information and Discontinuous Payoffs

Erik Balder ()

Economic Theory, 1991, vol. 1, issue 4, 339-54

Abstract: Mas-Colell's model for equilibrium distributions in "large" anonymous games is extended by the introduction of an abstract, non-topological notion of players' characteristics. The generality of this model allows us to include as a component of a player's characteristic her/his degree of well-informedness (differential information). This makes it possible to address a generalization of a model recently formulated by Khan-Rustichini. We show that one can remove their rather unnatural compactness condition on the space of admissible decision rules, provided that one allows for decision rules which are randomized. Our utility functions need not be continuous; this particular technical aspect solves an open question of Khan concerning Mas-Colell's original model. Our method of proof is based on the novel observation that Cournot-Nash equilibrium distributions are precisely the solutions of a variational inequality for transition probabilities.

Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (13)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:joecth:v:1:y:1991:i:4:p:339-54

Ordering information: This journal article can be ordered from
http://www.springer. ... eory/journal/199/PS2

Access Statistics for this article

Economic Theory is currently edited by Nichoals Yanneils

More articles in Economic Theory from Springer, Society for the Advancement of Economic Theory (SAET) Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().