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"Beliefs about Beliefs" without Probabilities

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Author Info
Epstein, Larry G
Wang, Tan

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Abstract

This paper constructs a space of states of the world representing the exhaustive uncertainty facing each player in a strategic situation. The innovation is that preferences are restricted primarily by 'regularity' conditions and need not conform with subjective expected utility theory. The construction employs a hierarchy of preferences, rather than of beliefs as in the standard Bayesian model. Applications include the provision of foundations for a Harsanyi-style game of incomplete information and a rich framework for the axiomatization of solution concepts for complete information normal form games. Copyright 1996 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 64 (1996)
Issue (Month): 6 (November)
Pages: 1343-73
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Handle: RePEc:ecm:emetrp:v:64:y:1996:i:6:p:1343-73

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  1. Geir B. Asheim, 2000. "Proper Consistency," Econometric Society World Congress 2000 Contributed Papers 0193, Econometric Society. [Downloadable!]
    Other versions:
  2. Asheim, Geir B. & Dufwenberg, Martin, 2000. "Amissibility and Common Belief," Research Papers in Economics 2000:6, Stockholm University, Department of Economics. [Downloadable!]
    Other versions:
  3. Atsushi Kajii & Takashi Ui, 2004. "Incomplete Information Games with Multiple Priors," KIER Working Papers 583, Kyoto University, Institute of Economic Research. [Downloadable!]
    Other versions:
  4. 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!]
  5. GHIRARDATO, Paolo & LE BRETON, Michel, 1999. "Choquet rationality," CORE Discussion Papers 1999012, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  6. Larry G. Epstein & Alvaro Sandroni, 2003. "Non-Bayesian Updating : A Theoretical Framework," RCER Working Papers 505, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  7. Azrieli, Yaron & Teper, Roee, 2009. "Uncertainty aversion and equilibrium existence in games with incomplete information," MPRA Paper 17615, University Library of Munich, Germany. [Downloadable!]
  8. Asheim,G.B., 1999. "On the epistemic foundation for backward induction," Memorandum 30/1999, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  9. repec:bep:theadv:v:2:y:2002:i:1:p:1011-1011 is not listed on IDEAS
    Other versions:
  10. Perea,Andrés, 2003. "Proper Rationalizability and Belief Revision in Dynamic Games," Research Memoranda 048, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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