Local equilibria in economic games

Authors
Alos-Ferrer, C Ania, AB
Citation
C. Alos-ferrer et Ab. Ania, Local equilibria in economic games, ECON LETT, 70(2), 2001, pp. 165-173
Citations number
7
Categorie Soggetti
Economics
Journal title
ECONOMICS LETTERS
ISSN journal
01651765 → ACNP
Volume
70
Issue
2
Year of publication
2001
Pages
165 - 173
Database
ISI
SICI code
0165-1765(200102)70:2<165:LEIEG>2.0.ZU;2-E
Abstract
We study solution concepts for economic games that are resistant to local d eviations. Strategy spaces are subsets of R-l and local deviations are smal l in the Euclidean metric. We define local Nash equilibrium and local evolu tionarily stable strategy, and present applications to Walrasian outcomes i n Cournot games and separating outcomes in screening models. (C) 2001 Elsev ier Science B.V. All rights reserved.