A folk theorem for minority games - HEC Paris - École des hautes études commerciales de Paris Accéder directement au contenu
Article Dans Une Revue Games and Economic Behavior Année : 2005

A folk theorem for minority games

Résumé

We study a particular case of repeated games with public signals. In the stage game an odd number of players have to choose simultaneously one of two rooms. The players who choose the less crowded room receive a reward of one euro (whence the name “minority game”). The players in the same room do not recognize each other, and between the stages only the current majority room is publicly announced. We show that in the infinitely repeated game any feasible payoff can be achieved as a uniform equilibrium payoff, and as an almost sure equilibrium payoff. In particular we construct an inefficient equilibrium where, with probability one, all players choose the same room at almost all stages. This equilibrium is sustained by punishment phases which use, in an unusual way, the pure actions that were played before the start of the punishment.

Dates et versions

hal-00539148 , version 1 (24-11-2010)

Identifiants

Citer

Marco Scarsini, Jerome Renault, Sergio Scarlatti. A folk theorem for minority games. Games and Economic Behavior, 2005, Vol. 53, N°2, pp. 208-230. ⟨10.1016/j.geb.2004.09.013⟩. ⟨hal-00539148⟩
164 Consultations
0 Téléchargements

Altmetric

Partager

Gmail Facebook X LinkedIn More