A New Old Solution for Weak Tournaments

Vincent Anesi

No 2010-04, Discussion Papers from The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham

Abstract: This note uncovers new properties of the von Neumann-Morgenstern solution in weak tournaments and majoritarian games. We propose a new procedure for the construction of choice sets from weak tournaments, based on dynamic stability criteria. The idea is to analyze dynamic versions of the tournament game introduced by Laffond, Laslier and Le Breton (1993) [The bipartisan set of a tournament game. Games and Economic Behavior 5, 182-201]. The exploration of a specific class of Markov perfect equilibria in these "dynamic tournament games" yields a new solution concept for weak tournaments - the A-stable set. The alternatives in an A-stable set constitute persistent, long-run policy outcomes in the corresponding dynamic tournament games. We find that, in any weak tournament, the class of A-stable sets coincides with that of von Neumann-Morgenstern stable sets.

Keywords: Electoral competition; stable set; stationary Markov equilibrium; weak tournament; solution theory (search for similar items in EconPapers)
Date: 2010-03
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: A new old solution for weak tournaments (2012)
Working Paper: A New Old Solution for Weak Tournaments (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:not:notcdx:2010-04

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