English, Article, Journal or magazine article edition: Minimax regret and strategic uncertainty Ludovic Renou; Karl H. Schlag

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Bookmark: http://trove.nla.gov.au/version/154825
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Minimax regret and strategic uncertainty
Author
  • Ludovic Renou
  • Karl H. Schlag
Physical Description
  • preprint
Notes
  • RePEc:upf:upfgen:1087
  • This paper introduces a new solution concept, a minimax regret equilibrium, which allows for the possibility that players are uncertain about the rationality and conjectures of their opponents. We provide several applications of our concept. In particular, we consider pricesetting environments and show that optimal pricing policy follows a non-degenerate distribution. The induced price dispersion is consistent with experimental and empirical observations (Baye and Morgan (2004)).
  • minimax regret; rationality; conjectures; price dispersion; auction
  • RePEc:lec:leecon:08/​2
Language
  • English
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