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Structural Consistency, Consistency, and Sequential Rationality

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  • Kreps, David M
  • Ramey, Garey

Abstract

Sequential equilibria comprise consistent beliefs and a sequentially ra tional strategy profile. Consistent beliefs are limits of Bayes ratio nal beliefs for sequences of strategies that approach the equilibrium strategy. Beliefs are structurally consistent if they are rationaliz ed by some single conjecture concerning opponents' strategies. Consis tent beliefs are not necessarily structurally consistent, notwithstan ding a claim by Kreps and Robert Wilson (1982). Moreover, the spirit of structural consistency conflicts with that of sequential rationali ty. One avoids these difficulties by weakening structural consistency to allow convex combinations of opponents' strategies, but this intr oduces correlation into the strategies that justify out-of-equilibriu m beliefs. Copyright 1987 by The Econometric Society.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 55 (1987)
Issue (Month): 6 (November)
Pages: 1331-48

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Handle: RePEc:ecm:emetrp:v:55:y:1987:i:6:p:1331-48

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Cited by:
  1. hanjoon michael, jung/j, 2010. "Perfect Regular Equilibrium," MPRA Paper 26534, University Library of Munich, Germany.
  2. Kohlberg, Elon & Reny, Philip J., 1997. "Independence on Relative Probability Spaces and Consistent Assessments in Game Trees," Journal of Economic Theory, Elsevier, vol. 75(2), pages 280-313, August.
  3. Peter A. Streufert, 2003. "Products of Representations Characterize the Products of Dispersions and the Consistency of Beliefs," UWO Department of Economics Working Papers 20039, University of Western Ontario, Department of Economics.
  4. Battigalli, Pierpaolo, 1997. "On Rationalizability in Extensive Games," Journal of Economic Theory, Elsevier, vol. 74(1), pages 40-61, May.
  5. Mailath, G.J. & Samuelson, L. & Swinkels, J.M., 1992. "Normal Form Structures in Extensive Form Games," Working papers 9205, Wisconsin Madison - Social Systems.
  6. Giacomo Bonanno, 2013. "AGM-consistency and perfect Bayesian equilibrium. Part I: definition and properties," International Journal of Game Theory, Springer, vol. 42(3), pages 567-592, August.
  7. Giacomo Bonanno, 2009. "A characterization of sequential equilibrium in terms of AGM belief revision," Working Papers 914, University of California, Davis, Department of Economics.

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