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Large Tournament Games

When: 

Oct 14, 2019 - 1:50pm to 2:55pm

Where: 

Siegal Hall, Room 118

Speaker: 

Jaksa Cvitanic
Division of The Humanities and Social Sciences, California Institute of Technology

Description: 

We consider a stochastic tournament game in which each player is rewarded based on her rank in terms of the completion time of her own task and is subject to cost of effort. When players are homogeneous and the rewards are purely rank dependent, the equilibrium has a surprisingly explicit characterization, which allows us to conduct comparative statics and obtain explicit solution to several optimal reward design problems. In the general case when the players are heterogenous and payoffs are not purely rank dependent, we prove the existence, uniqueness and stability of the Nash equilibrium of the associated mean field game, and the existence of an approximate Nash equilibrium of the finite-player game. Joint with E. Bayraktar and Y. Zhang

Event Type: 

Department of Applied Mathematics - Colloquia