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Equilibrium as compatibility of plans
Theory and Decision ( IF 0.9 ) Pub Date : 2020-04-13 , DOI: 10.1007/s11238-020-09753-5
Marek Hudik

This paper uses a game-theoretic framework to formalize the Hayekian notion of equilibrium as the compatibility of plans. To do so, it imposes more structure on the conventional model of strategic games. For each player, it introduces goals, goal-oriented strategies, and the goals’ probabilities of success, from which players’ payoffs are derived. The differences between the compatibility of plans and Nash equilibrium are identified and discussed. Furthermore, it is shown that the notion of compatibility of plans, in general, differs from the notion of Pareto efficiency. Since the compatibility of plans across all players can rarely be achieved in reality, a measurement is introduced to determine various degrees of plan compatibility. Several possible extensions and applications of the model are discussed.

中文翻译:

平衡作为计划的兼容性

本文使用博弈论框架将哈耶克式的均衡概念形式化为计划的兼容性。为此,它在战略游戏的传统模型上增加了更多的结构。对于每个参与者,它都会介绍目标,面向目标的策略以及目标的成功概率,从中可以得出参与者的收益。确定并讨论了计划兼容性与纳什均衡之间的差异。此外,还表明,计划兼容性的概念通常与帕累托效率的概念不同。由于实际上几乎不可能实现所有参与者之间计划的兼容性,因此引入了一种测量来确定计划兼容性的不同程度。讨论了该模型的几种可能的扩展和应用。
更新日期:2020-04-13
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