Artikel
Justifying optimal play via consistency
Developing normative foundations for optimal play in two-player zero-sum games has turned out to be surprisingly difficult, despite the powerful strategic implications of the Minimax Theorem. We characterize maximin strategies by postulating coherent behavior in varying games. The first axiom, called consequentialism, states that how probability is distributed among completely indistinguishable actions is irrelevant. The second axiom, consistency, demands that strategies that are optimal in two different games should still be optimal when there is uncertainty which of the two games will actually be played. Finally, we impose a very mild rationality assumption, which merely requires that strictly dominated actions will not be played. Our characterization shows that a rational and consistent consequentialist who ascribes the same properties to his opponent has to play maximin strategies. This result can be extended to characterize Nash equilibrium in bimatrix games whenever the set of equilibria is interchangeable.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 14 ; Year: 2019 ; Issue: 4 ; Pages: 1185-1201 ; New Haven, CT: The Econometric Society
- Klassifikation
-
Wirtschaft
Noncooperative Games
- Thema
-
Zero-sum games
axiomatic characterization
maximin strategies
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Brandl, Florian
Brandt, Felix
- Ereignis
-
Veröffentlichung
- (wer)
-
The Econometric Society
- (wo)
-
New Haven, CT
- (wann)
-
2019
- DOI
-
doi:10.3982/TE3423
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Brandl, Florian
- Brandt, Felix
- The Econometric Society
Entstanden
- 2019
Ähnliche Objekte (12)
Interpersonal behavior in assessment center role‐play exercises: Investigating structure, consistency, and effectiveness
Professional forecasters' expectations, consistency, and international spillovers
Play fair, Olympia!
Consistency of the kernel density estimator - a survey
On the consistency of data with bargaining theories
The optimal management of the prosumer's resources via stochastic programming
Lost in transaction? The transfer effect of strategic consistency
Exchange rate volatility in Nigeria: Consistency, persistency & severity analyses
Semitractability of optimal stopping problems via a weighted stochastic mesh algorithm
Consistency of expert product reviews: An application to wine guides
Consistency of trend break point estimator with underspecified break number
China – Fair Play oder große Konkurrenz?
Interpersonal behavior in assessment center role‐play exercises: Investigating structure, consistency, and effectiveness
Professional forecasters' expectations, consistency, and international spillovers
Play fair, Olympia!
Consistency of the kernel density estimator - a survey
On the consistency of data with bargaining theories
The optimal management of the prosumer's resources via stochastic programming
Lost in transaction? The transfer effect of strategic consistency
Exchange rate volatility in Nigeria: Consistency, persistency & severity analyses
Semitractability of optimal stopping problems via a weighted stochastic mesh algorithm
Consistency of expert product reviews: An application to wine guides
Consistency of trend break point estimator with underspecified break number
China – Fair Play oder große Konkurrenz?
Interpersonal behavior in assessment center role‐play exercises: Investigating structure, consistency, and effectiveness
Professional forecasters' expectations, consistency, and international spillovers
Play fair, Olympia!
Consistency of the kernel density estimator - a survey
On the consistency of data with bargaining theories
The optimal management of the prosumer's resources via stochastic programming
Lost in transaction? The transfer effect of strategic consistency
Exchange rate volatility in Nigeria: Consistency, persistency & severity analyses
Semitractability of optimal stopping problems via a weighted stochastic mesh algorithm
Consistency of expert product reviews: An application to wine guides
Consistency of trend break point estimator with underspecified break number