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Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities

Paul Milgrom and John Roberts
Econometrica
Vol. 58, No. 6 (Nov., 1990), pp. 1255-1277
Published by: The Econometric Society
DOI: 10.2307/2938316
Stable URL: http://www.jstor.org/stable/2938316
Page Count: 23
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Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities
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Abstract

We study a rich class of noncooperative games that includes models of oligopoly competition, macroeconomic coordination failures, arms races, bank runs, technology adoption and diffusion, R&D competition, pretrial bargaining, coordination in teams, and many others. For all these games, the sets of pure strategy Nash equilibria, correlated equilibria, and rationalizable strategies have identical bounds. Also, for a class of models of dynamic adaptive choice behavior that encompasses both best-response dynamics and Bayesian learning, the players' choices lie eventually within the same bounds. These bounds are shown to vary monotonically with certain exogenous parameters.

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