Uniform payoff security and Nash equilibrium in compact games |
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Authors: | Paulo Klinger Monteiro |
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Affiliation: | a FGV-EPGE, Praia de Botafogo 190, sala 1103, 22250-900, RJ, Brazil b Department of Finance, University of Alabama, Tuscaloosa, AL 35487, USA |
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Abstract: | We introduce a condition, uniform payoff security, for games with compact Hausdorff strategy spaces and payoffs bounded and measurable in players’ strategies. We show that if any such compact game G is uniformly payoff secure, then its mixed extension is payoff secure. We also establish that if a uniformly payoff secure compact game G has a mixed extension with reciprocally upper semicontinuous payoffs, then G has a Nash equilibrium in mixed strategies. We provide several economic examples of compact games satisfying uniform payoff security. |
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Keywords: | C72 |
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