SFB 303 Discussion Paper No. A - 254

Author: Winter, Eyal
Title: An Axiomatization of the Stable and Semistable Demand Vectors by the Reduced Game Property
Abstract: We use the approach of the reduced Game Property and its converse to characterize the sets of stable and semistable demand vectors. It is shown that although these two concepts are generally very different their axiomatizations are almost the same. Regarding the semistable demand vector we correspond to Selten (1981) Noncooperative model which predicts these demand vector and discuss the role the reduced game property plays in equilibrium strategies of this model.
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Creation-Date: August 1989
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