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Rationally Justifiable Play and the Theory of Non-cooperative Games

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Author Info
Cubitt, Robin P
Sugden, Robert

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Abstract

This paper defines the concept of a justifiable strategy, that of a justification theory (which shows strategies to be justifiable) and that of a complete justification theory (which for every strategy shows whether it is justifiable or not). An impossibility result is proved, showing that there can be no complete justification theory that includes the assumptions of expected utility maximization, common knowledge, and caution. Copyright 1994 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 104 (1994)
Issue (Month): 425 (July)
Pages: 798-803
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Handle: RePEc:ecj:econjl:v:104:y:1994:i:425:p:798-803

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  1. Robin Cubitt & Robert Sugden, 2005. "Common reasoning in games: a resolution of the paradoxes of ‘common knowledge of rationality’," Discussion Papers 2005-17, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
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