Macro Meets Micro: Stochastic (Calvo) Revisions in Games
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F13%3A86087993" target="_blank" >RIV/61989100:27510/13:86087993 - isvavai.cz</a>
Result on the web
<a href="http://www.degruyter.com/view/j/bejte.2014.14.issue-1/bejte-2013-0042/bejte-2013-0042.xml" target="_blank" >http://www.degruyter.com/view/j/bejte.2014.14.issue-1/bejte-2013-0042/bejte-2013-0042.xml</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1515/bejte-2013-0042" target="_blank" >10.1515/bejte-2013-0042</a>
Alternative languages
Result language
angličtina
Original language name
Macro Meets Micro: Stochastic (Calvo) Revisions in Games
Original language description
The timing of moves in conventional games is deterministic. To better capture the uncertainty of many real world situations, we postulate a stochastic timing framework. The players get a revision opportunity at a pre-specified time (common to them) withsome known probability (different across them). The probabilistic revisions resemble the Calvo (1983) timing widely used in macroeconomics, and by nesting the standard simultaneous move game and Stackelberg leadership they can serve as a `dynamic commitment' device. The analysis shows how the revision time and probabilities affect the outcomes in games with multiple and/or inefficient equilibria. Unsurprisingly, we show in the Battle of the sexes that commitment - low revision probability relative to the opponent - improves the player's chances to uniquely achieve his preferred outcome (i.e. to dominate). What may however seem surprising is that the less committed (higher revision probability) player may dominate the game under some cir
Czech name
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Czech description
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Classification
Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
The B.E. Journal of Theoretical Economics
ISSN
1935-1704
e-ISSN
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Volume of the periodical
14
Issue of the periodical within the volume
1
Country of publishing house
DE - GERMANY
Number of pages
31
Pages from-to
339-369
UT code for WoS article
000340292500012
EID of the result in the Scopus database
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