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Minimax-Nash

Staff Report 52 | Published December 1, 1979

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Author

John Bryant

Minimax-Nash

Abstract

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.