This paper shows that, in many infinitely repeated games, if players optimize with respect to beliefs that satisfy a diversity condition termed neutrality, then each player will choose a strategy that his opponent was certain would not be played. This is an obstacle to formulation of a learning theory in which Nash equilibrium behavior is a necessary long-run consequence of optimization by cautious players.
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Article provided by Econometric Society in its journal Econometrica.
Volume (Year): 65 (1997) Issue (Month): 2 (March) Pages: 275-310 Download reference. The following formats are available: HTML
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