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No 772:
Deterministic Multi-Player Dynkin Games

VIEILLE Nicolas () and SOLAN Eilon ()

Abstract: A multi-player Dynkin game is a sequential game in which at every stage one of the players is chosen, and that player can decide whether to continue the game or to stop it, in which case all players receive some terminal payoff.

We study a variant of this model, where the order by which players are chosen is deterministic, and the probability that the game terminates once the chosen player decides to stop may be strictly less than one.

We prove that a subgame-perfect e-equilibrium in Markovian strategies exists. If the game is not degenerate this e-equilibrium is actually in pure strategies.

Keywords: n-player games; stopping games; subgame perfect equilibrium; (follow links to similar papers)

JEL-Codes: C68; C73; (follow links to similar papers)

25 pages, January 20, 2003

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