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Deductive Reasoning in Extensive Games

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Author Info
Geir B. Asheim
Martin Dufwenberg

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Abstract

We justify the application to extensive games of a model of deductive reasoning based on three key features: 'caution', 'full belief of opponent rationality', and 'no extraneous restrictions on beliefs'. We apply the model to several examples, and show that it yields novel economic insights. The approach supports forward induction, without necessarily promoting backward induction. Copyright 2003 Royal Economic Society.

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

Volume (Year): 113 (2003)
Issue (Month): 487 (04)
Pages: 305-325
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Handle: RePEc:ecj:econjl:v:113:y:2003:i:487:p:305-325

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Battigalli, Pierpaolo, 1996. "Strategic Rationality Orderings and the Best Rationalization Principle," Games and Economic Behavior, Elsevier, vol. 13(2), pages 178-200, April. [Downloadable!] (restricted)
  2. P. Battigalli & M. Siniscalchi, 1999. "Interactive Beliefs and Forward Induction," Princeton Economic Theory Papers 99f3, Economics Department, Princeton University.
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  3. Asheim,G.B., 1999. "On the epistemic foundation for backward induction," Memorandum 30/1999, Oslo University, Department of Economics. [Downloadable!]
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  4. van Damme, Eric, 1989. "Stable equilibria and forward induction," Journal of Economic Theory, Elsevier, vol. 48(2), pages 476-496, August. [Downloadable!] (restricted)
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  5. Samuelson, Larry, 1992. "Dominated strategies and common knowledge," Games and Economic Behavior, Elsevier, vol. 4(2), pages 284-313, April. [Downloadable!] (restricted)
  6. Asheim,G.B. & Dufwenberg,M., 2000. "Admissibility and common belief," Memorandum 07/2000, Oslo University, Department of Economics. [Downloadable!]
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  7. Dekel, Eddie & Fudenberg, Drew, 1990. "Rational behavior with payoff uncertainty," Journal of Economic Theory, Elsevier, vol. 52(2), pages 243-267, December. [Downloadable!] (restricted)
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  8. Reny, Philip J, 1992. "Backward Induction, Normal Form Perfection and Explicable Equilibria," Econometrica, Econometric Society, vol. 60(3), pages 627-49, May. [Downloadable!] (restricted)
  9. Rubinstein, Ariel, 1991. "Comments on the Interpretation of Game Theory," Econometrica, Econometric Society, vol. 59(4), pages 909-24, July. [Downloadable!] (restricted)
  10. Reny Philip J., 1993. "Common Belief and the Theory of Games with Perfect Information," Journal of Economic Theory, Elsevier, vol. 59(2), pages 257-274, April. [Downloadable!] (restricted)
  11. Bernheim, B Douglas, 1984. "Rationalizable Strategic Behavior," Econometrica, Econometric Society, vol. 52(4), pages 1007-28, July. [Downloadable!] (restricted)
  12. Mailath, George J & Samuelson, Larry & Swinkels, Jeroen M, 1993. "Extensive Form Reasoning in Normal Form Games," Econometrica, Econometric Society, vol. 61(2), pages 273-302, March. [Downloadable!] (restricted)
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  13. Samuelson, L., 1991. "Dominated Strategies and Common Knowledge," Papers 9110, Tilburg - Center for Economic Research.
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  14. Basu, Kaushik, 1990. "On the Non-existence of a Rationality Definition for Extensive Games," International Journal of Game Theory, Springer, vol. 19(1), pages 33-44.
  15. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July. [Downloadable!] (restricted)
  16. Rosenthal, Robert W., 1981. "Games of perfect information, predatory pricing and the chain-store paradox," Journal of Economic Theory, Elsevier, vol. 25(1), pages 92-100, August. [Downloadable!] (restricted)
  17. Borgers, Tilman & Samuelson, Larry, 1992. ""Cautious" Utility Maximization and Iterated Weak Dominance," International Journal of Game Theory, Springer, vol. 21(1), pages 13-25.
  18. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Choice under Uncertainty," Econometrica, Econometric Society, vol. 59(1), pages 61-79, January. [Downloadable!] (restricted)
  19. Battigalli, Pierpaolo, 1997. "On Rationalizability in Extensive Games," Journal of Economic Theory, Elsevier, vol. 74(1), pages 40-61, May. [Downloadable!] (restricted)
  20. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Asheim,G.B. & Dufwenberg,M., 2000. "Admissibility and common belief," Memorandum 07/2000, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  2. Ignacio Palacios-Huerta & Oscar Volij, . "Field Centipedes," Economic theory and game theory 020, Oscar Volij. [Downloadable!]
  3. Sabrina Teyssier, 2007. "Optimal Group Incentives with Social Preferences and Self-Selection," Working Papers 0710, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure. [Downloadable!]
  4. Sabrina Teyssier, 2007. "Optimal Group Incentives with Social Preferences and Self-Selection," Post-Print halshs-00144901_v1, HAL. [Downloadable!]
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