NOISY STOCHASTIC GAMES

摘要

This paper establishes existence of a stationary Markov perfect equilibrium in gen-eral stochastic games with noise—a component of the state that is nonatomically distributed and not directly affected by the previous period's state and actions. Noisemay be simpiy a payoff-irrelevant public randomization device, delivering known results on the existence of correlated equilibrium as a special case. More generally, noise can take the form of shocks that enter into players' stage payoffs and the transition probability on states. The existence result is applied to a model of industry dynamics and to a model of dynamic electoral competition.