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Nash equilibria of games when players'preferences are quasi-transitive

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  • Basu, Kaushik
  • Pattanaik, Prasanta K.

Abstract

Much of game theory is founded on the assumption that individual players are endowed with preferences that can be represented by a real-valued utility function. However, in reality human preferences are often not transitive. This is especially true for the indifference relation, which can lead an individual to make a series of choices which in their totality would be viewed as erroneous by the same individual. There is a substantial literature that raises intricate questions about individual liberty and the role of government intervention in such contexts. The aim of this paper is not to go into these ethical matters but to provide a formal structure for such analysis by characterizing games where individual preferences are quasi-transitive. The paper identifies a set of axioms which are sufficient for the existence of Nash equilibria in such'games.'

Suggested Citation

  • Basu, Kaushik & Pattanaik, Prasanta K., 2014. "Nash equilibria of games when players'preferences are quasi-transitive," Policy Research Working Paper Series 7037, The World Bank.
    • Handle: RePEc:wbk:wbrwps:7037
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    References listed on IDEAS

    as
    1. W. E. Armstrong, 1951. "Utility And The Theory Of Welfare," Oxford Economic Papers, Oxford University Press, vol. 3(3), pages 259-271.
    2. Kaushik Basu, 2007. "Coercion, contract and the limits of the market," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 29(4), pages 559-579, December.
    3. Kaushik Basu, 2003. "The Economics and Law of Sexual Harassment in the Workplace," Journal of Economic Perspectives, American Economic Association, vol. 17(3), pages 141-157, Summer.
    4. Pattanaik, Prasanta K., 1970. "On social choice with quasitransitive individual preferences," Journal of Economic Theory, Elsevier, vol. 2(3), pages 267-275, September.
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    Cited by:

    1. Bo Chen & Rajat Deb, 2018. "The role of aggregate information in a binary threshold game," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 51(3), pages 381-414, October.

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