American Economic Journal:
Microeconomics
ISSN 1945-7669 (Print) | ISSN 1945-7685 (Online)
Games Played by Teams of Players
American Economic Journal: Microeconomics
vol. 14,
no. 4, November 2022
(pp. 122–57)
Abstract
We develop a general framework for analyzing games where each player is a team and members of the same team all receive the same payoff. The framework combines noncooperative game theory with collective choice theory, and is developed for both strategic form and extensive form games. We introduce the concept of team equilibrium and identify conditions under which it converges to Nash equilibrium with large teams. We identify conditions on collective choice rules such that team decisions are stochastically optimal: the probability the team chooses an action is increasing in its equilibrium expected payoff. The theory is illustrated with some binary action games.Citation
Kim, Jeongbin, Thomas R. Palfrey, and Jeffrey R. Zeidel. 2022. "Games Played by Teams of Players." American Economic Journal: Microeconomics, 14 (4): 122–57. DOI: 10.1257/mic.20200391Additional Materials
JEL Classification
- C72 Noncooperative Games
- D71 Social Choice; Clubs; Committees; Associations
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