Any stage-game with infinite choice sets can be approximated by finite games obtained as increasingly finer discretizations of the infinite game. The subgame perfect equilibrium outcomes of the finite games converge to a limit distribution. We prove that (i) if the limit distribution is feasible in the limit game, then it is also a subgame perfect equilibrium outcome of the limit game; and (ii)...

In this study, the MHD equilibrium limit of LHD plasmas is studied using a 3D MHD equilibrium calculation code, HINT2, which is an initial value solver based on the relaxation method without the assumption of nested flux surfaces. For finite beta equilibria, flux surfaces become stochastic in the peripheral region. However, though the axis shifts until the conventional limit, the separatrix to ...

This paper investigates the equilibrium consequences of a contractual market with moral hazard where multiple principals compete each other to offer incentive contracts to agents who choose unobservable ex post actions. We show the following limit theorems: First, when the trade–off between incentive and risk sharing causes the moral hazard problem on the side of agents, the full insurance cont...

We present and discuss a variance-reduced stochastic particle method for simulating the relaxation-time model of the Boltzmann transport equation. The present paper focuses on the dilute gas case, although the method is expected to directly extend to all fields (carriers) for which the relaxation-time approximation is reasonable. The variance reduction, achieved by simulating only the deviation...

We present and discuss a variance-reduced stochastic particle simulation method for solving the relaxation-time model of the Boltzmann transport equation. The variance reduction, achieved by simulating only the deviation from equilibrium, results in a significant computational efficiency advantage compared with traditional stochastic particle methods in the limit of small deviation from equilib...

Then, the limit points of the sequence of plays are correlated equilibria. In fact, for each correlated equilibrium there is some calibrated learning rule that the players can use which results in their playing this correlated equilibrium in the limit. Thus, the statistical concept of a calibration is strongly related to the game theoretic concept of correlated equilibrium. Journal of Economic ...

This paper studies an exchange economy with indivisibilities. Our main goal is to see if a price system can function well in an economy (e.g., an economy with complementary preferences) that does not have a Walrasian equilibrium. We study the price adjustment processes governed by the Euler iterative scheme. We show that in an economy that has a Walrasian equilibrium, our price adjustment proce...