Stability and Perfection of Nash Equilibria

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Springer Science & Business Media, Jan 1, 1991 - Business & Economics - 339 pages
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I have been pleased with the favourable reception of the first edition of this book and I am grateful to have the opportunity to prepare this second edition. In this revised and enlarged edition I corrected some misprints and errors that occurred in the first edition (fortunately I didn't find too many) and I added a large number of notes that give the reader an impression of what kind of results have been obtained since the first edition was printed and that give an indication of the direction the subject is taking. Many of the notes discuss (or refer to papers discussing) applications of the refinements that are considered. Of course, it is the quantity and the quality of the insights and the applications that lend the refinements their validity. Although the guide to the applications is far from complete, the notes certainly allow the reader to form a good judgement of which refinements have really yielded new insights. Hence, as in the first edition, I will refrain from speculating on which refinements of Nash equilibria will survive in the long run. To defend this position let me also cite Binmore [1990] who compares writing about refinements to the Herculean task of defeating the nine-headed Hydra which grew too heads for each that was struck off. It is a pleasure to have the opportunity to thank my secretary, Marjoleine de Wit, who skilfully and, as always, cheerfully typed the manuscript and did the proofreading.
  

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Contents

I
xix
III
1
IV
4
V
6
VI
11
VII
15
VIII
18
IX
20
XLVIII
126
XLIX
128
LI
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LII
134
LIII
139
LIV
143
LV
148
LVI
154

X
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XI
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XII
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XIII
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XIV
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XV
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XVI
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XVIII
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XIX
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XX
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XXI
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XXII
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XXIII
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XXIV
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XXV
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XXVI
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XXVII
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XXX
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XXXI
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XXXII
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XXXIII
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XXXIV
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XXXV
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XXXVI
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XXXVII
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XXXVIII
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XXXIX
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XL
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XLI
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XLII
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XLIII
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XLIV
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XLV
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XLVI
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XLVII
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LVII
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LVIII
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LIX
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LX
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LXI
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LXII
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LXIII
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LXIV
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LXV
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LXVI
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LXVII
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LXVIII
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LXIX
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LXX
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LXXI
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LXXII
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LXXIII
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LXXIV
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LXXV
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LXXVI
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LXXVII
244
LXXVIII
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LXXIX
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LXXX
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LXXXII
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LXXXIII
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LXXXIV
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LXXXV
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LXXXVI
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LXXXVII
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LXXXVIII
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LXXXIX
310
XC
316
XCI
333
XCII
335
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Page v - of which is indeed optimal provided that the other participants conform. Then the question remains as to what will happen if some of the participants do not conform. If that should turn out to be advantageous for them - and, quite particularly, disadvantageous to the conformists - then the above "solution" would seem very questionable.
Page v - The rules of rational behavior must provide definitely for the possibility of irrational conduct on the part of others. In other words: Imagine that we have discovered a set of rules for all
Page xiii - The number of elements of a finite set A is denoted by \A

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