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govt. has concluded an equilibrium exists bet.
Thus it is an open question whether an equilibrium exists.
If an equilibrium exists, network security is always worse relative to the no-insurance equilibrium.
As a consequence, no efficient and envy-free equilibrium exists.
And so if the earnings yield equals the treasury yield, a risk-reward equilibrium exists.
If equilibrium exists, then the equilibrium error should be a stationary process.
The next result characterizes the (bettor-strong) subgame perfect equilibria in the monopolistic case: Given (upsilon ) and (rho ), there exists a (bettor-strong) subgame perfect equilibrium with undominated strategies6 in the spread bets monopolistic game.
The next result characterizes the (bettor-strong) subgame perfect equilibria in the competitive case: Given (upsilon ) and (rho ), there exists a (bettor-strong) subgame perfect equilibrium with undominated strategies7 in the spread bets competitive game.
The next result characterizes the bettor-strong subgame perfect equilibria in the competitive case: Given (upsilon ) and (rho ), there exists a unique bettor-strong subgame perfect equilibrium payoff allocation in the parimutuel competitive market.
The next result characterizes the (bettor-strong) subgame perfect equilibrium in the monopolistic case: Given (upsilon ) and (rho ), there exists a (bettor-strong) subgame perfect equilibrium in the fixed-odds monopolistic market.
The next result characterizes the (bettor-strong) subgame perfect equilibrium in the competitive case: Given (upsilon ) and (rho ), there exists a (bettor-strong) subgame perfect equilibrium in the fixed-odds competitive market.
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