Noisy Stochastic Games

John Duggan ()
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John Duggan: W. Allen Wallis Institute of Political Economy, 107 Harkness Hall, University of Rochester, Rochester, NY 14627-0158, http://www.johnduggan.net/

No 562, RCER Working Papers from University of Rochester - Center for Economic Research (RCER)

Abstract: This paper establishes existence of a stationary Markov perfect equilibrium in general stochastic games with noise a component of the state that is nonatomically distributed and not directly affected by the previous periods state and actions. Noise may be simply a payoff irrelevant public randomization device, delivering known results on existence of correlated equilibrium as a special case. More generally, noise can take the form of shocks that enter into players stage payoffs and the transition probability on states. The existence result is applied to a model of industry dynamics and to a model of dynamic partisan electoral competition.

Pages: 26 pages
Date: 2011-06
New Economics Papers: this item is included in nep-gth
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