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Backward Induction, Normal Form Perfection and Explicable Equilibria

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Reny, Philip J

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Abstract

A weakening of D. Kreps and R. Wilson's (1982) notion of sequential rationality is presented. The motivation stems from the difficulty in justifying sequentially rational behavior in subgames reachable only through a violation of sequential rationality. Although the present notion of weak sequential rationality is based upon extensive form considerations, it bears a close relation to R. Selten's (1975) normal form perfect equilibria. Backward induction outcomes can be achieved in generic games of perfect information with additional restrictions on beliefs. An example with imperfect information shows that sequential rationality is not the consequence of equilibrium play and the absence of incredible threats. Copyright 1992 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 60 (1992)
Issue (Month): 3 (May)
Pages: 627-49
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Handle: RePEc:ecm:emetrp:v:60:y:1992:i:3:p:627-49

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  1. Srihari Govindan & Robert Wilson, 2009. "Axiomatic Equilibrium Selection for Generic two-player games," Levine's Working Paper Archive 814577000000000231, David K. Levine. [Downloadable!]
  2. repec:bep:theadv:v:3:y:2003:i:1:p:1073-1073 is not listed on IDEAS
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  3. Pierpaolo Battigalli & Martin Dufwenberg, 2005. "Dynamic Psychological Games," Working Papers 287, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
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  4. Srihari Govindan & Robert Wilson, 2008. "On Forward Induction," Levine's Working Paper Archive 122247000000001859, David K. Levine. [Downloadable!]
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  5. Pierpaolo Battigalli, . "Hierarchies of Conditional Beliefs and Interactive Epistemology in Dynamic Games," Working Papers 111, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
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  6. Vincent P. Crawford, 2003. "Lying for Strategic Advantage: Rational and Boundedly Rational Misrepresentation of Intentions," American Economic Review, American Economic Association, vol. 93(1), pages 133-149, March. [Downloadable!]
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  7. Pierpaolo Battigalli & Marciano Siniscalchi, . "An Epistemic Characterisation of Extensive Form Rationalisability," Working Papers 1999.25, Fondazione Eni Enrico Mattei. [Downloadable!]
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  8. Perea,Andrés, 2003. "Rationalizability and Minimal Complexity in Dynamic Games," Research Memoranda 047, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  9. Asheim, Geir B, 2000. "Deductive reasoning in Extensive Games," Research Papers in Economics 2000:7, Stockholm University, Department of Economics. [Downloadable!]
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  10. Duozhe Li, 2004. "Bargaining with History Dependent Preferences," Econometric Society 2004 North American Summer Meetings 516, Econometric Society. [Downloadable!]
  11. Govindan, Srihari & Wilson, Robert B., 2008. "Decision-Theoretic Forward Induction," Research Papers 1986, Stanford University, Graduate School of Business. [Downloadable!]
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