Equilibrium Departures from Common Knowledge in Games with Non-Additive Expected Utility
AbstractThis paper concerns the interpretation of equilibrium in non-additive beliefs in two-player normal form games. We argue that such equilibria involve beliefs and actions which are consistent with a lack of common knowledge of the game. Our argument rests on representation results which show that different notions of equilibrium in games with non-additive beliefs may be reinterpreted as equilibrium in associated games of incomplete information with additive (Bayesian) beliefs where common knowledge of the (original) game does not apply. The representation results show one way of comparing and understanding the various notions of equilibrium, for games with non-additive beliefs, advanced in the literature.
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Bibliographic InfoArticle provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.
Volume (Year): 2 (2002)
Issue (Month): 1 (June)
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Web page: http://www.degruyter.com
Other versions of this item:
- Mukerji, S. & Song Shin, H., 1997. "Equilibrium Departures From Common Knowledge in Games With Non-Additive Expected Utility," Economics Papers 137, Economics Group, Nuffield College, University of Oxford.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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- Roman Kozhan, 2008.
"Non-Additive Anonymous Games,"
wp08-04, Warwick Business School, Finance Group.
- Kota Saito, 2010. "Preference for Randomization - Ambiguity Aversion and Inequality Aversion," Levine's Working Paper Archive 661465000000000094, David K. Levine.
- Atsushi Kajii & Takashi Ui, 2005.
"Incomplete Information Games With Multiple Priors,"
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Japanese Economic Association, vol. 56(3), pages 332-351.
- Kaito Sato, 2011. "Preference for Randomization and Ambiguity Aversion," Discussion Papers 1524, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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