Existence of trembling hand perfect and sequential equilibrium in games with stochastic timing of moves
No 6757, Working Paper from Department of Economics, University of Pittsburgh
We consider continuous time games in which players have stochastic opportunitiesto move before a deadline. In this paper we define notions of trembling handand sequential equilibrium and show that both types of equilibria exist in a large classof such games that may feature incomplete and imperfect information. These gamesmodel realistic non-stationary dynamic situations in which players do not know exactlywhen they or their opponents will be able to move. In the complete informationcase we establish existence of a Markov Perfect equilibrium.
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