Minimax-Nash

Minimax-Nash

by John B. Bryant

Book 52 of Staff report --

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"An alternative solution concept is recommended for noncooperative games with multiple equilibra. Players maximize security level in a contracted game. Examples in economics are given in which this solution concept yields a unique solution: a fiat money model, the capital overaccumulation problem, and multiple rational expectations equilibria generally"--Federal Reserve Bank of Minneapolis web site.

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