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Existence of valuation equilibria when equilibrium strategies cannot differentiate between equal ties

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  • Wichardt, Philipp C.

Abstract

This paper reconsiders the valuation equilibrium concept (Jehiel and Samet, 2007) and proposes an additional regularity condition concerning the playersʼ equilibrium strategies. The condition, which requires equilibrium strategies to induce the same local behaviour at all nodes with “similar” optimal actions, increases both the predictive power and the internal consistency of the concept — especially when used as a tool to study boundedly rational behaviour in games with imperfect information and/or imperfect recall. It is shown not to conflict with existence.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 74 (2012)
Issue (Month): 2 ()
Pages: 709-713

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Handle: RePEc:eee:gamebe:v:74:y:2012:i:2:p:709-713

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Web page: http://www.elsevier.com/locate/inca/622836

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Keywords: Bounded rationality; Valuation equilibrium; Existence; Imperfect recall;

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  1. Philippe Jehiel & Dov Samet, 2010. "Learning to play games in extensive form by valuation," Levine's Working Paper Archive 391749000000000040, David K. Levine.
  2. Piccione, Michele & Rubinstein, Ariel, 1997. "On the Interpretation of Decision Problems with Imperfect Recall," Games and Economic Behavior, Elsevier, vol. 20(1), pages 3-24, July.
  3. Philippe Jehiel & Dov Samet, 2003. "Valuation Equilibria," Game Theory and Information 0310003, EconWPA.
  4. Piccione, M. & Rubinstein, A., 1996. "The Absent Minded Driver's Paradox: Synthesis and Responses," Papers 39-96, Tel Aviv.
  5. Wichardt, Philipp C., 2008. "Existence of Nash equilibria in finite extensive form games with imperfect recall: A counterexample," Games and Economic Behavior, Elsevier, vol. 63(1), pages 366-369, May.
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