Author: Battigalli P.
Publisher: Academic Press
ISSN: 0022-0531
Source: Journal of Economic Theory, Vol.70, Iss.1, 1996-07, pp. : 201-234
Disclaimer: Any content in publications that violate the sovereignty, the constitution or regulations of the PRC is not accepted or approved by CNPIEC.
Abstract
This paper evaluates different refinements of subgame perfection, which rely on different restrictions on players' assessments, using a simple and intuitive independence property for conditional probability systems on the space of strategy profiles. This independence property is necessary for full consistency of assessments, and it is equivalent to full consistency in games with observable deviators. Furthermore, while every conditional system on the strategies satisfying the independence property corresponds to a generally reasonable extended assessment as defined by Fudenberg and Tirole [ J. Econ. Theory 53 (1991), 236-260], such extended assessments may violate independence, full consistency, and invariance with respect to interchanging of essentially simultaneous moves. Journal of Economic Literature Classification Number: C72.
Related content
Journal of Economic Theory, Vol. 68, Iss. 2, 1996-02 ,pp. :
Perfect Equilibria in a Model of Bargaining with Arbitration
Games and Economic Behavior, Vol. 37, Iss. 1, 2001-10 ,pp. :
Perfect and Proper Equilibria of Large Games
By Rath K.P.
Games and Economic Behavior, Vol. 22, Iss. 2, 1998-02 ,pp. :
Subgame Perfect Equilibria in Stage Games
By Manelli A.M.
Journal of Economic Theory, Vol. 102, Iss. 2, 2002-02 ,pp. :
Truthful Equilibria in Dynamic Bayesian Games
ECONOMETRICA, Vol. 12-9682, Iss. 5, 2015-09 ,pp. :