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Ellsberg Games

Frank Riedel () and Linda Sass

Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order from Verein für Socialpolitik / German Economic Association

Abstract: In classic game theory, agents use mixed strategies in the form of objective and probabilistically precise devices to conceal their actions. We introduce the larger set of probabilistically imprecise devices as strategies and study the consequences for the basic results of normal form games. While Nash equilibria remain equilibria in the extended game, there arise new Ellsberg equilibria with distinct outcomes, as we illustrate by negotiation games with three players. We characterize Ellsberg equilibria in two-person conflict and coordination games. These equilibria turn out to be consistent with experimental deviations from Nash equilibrium play.

JEL-codes: C72 D81 C70 (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-gth, nep-hpe and nep-mic
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Journal Article: Ellsberg games (2014) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc13:80012

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