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Possibility and permissibility

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  • Lo, Kin Chung

Abstract

We formulate the permissibility concept (Brandenburger, 1992) in terms of general preference, and prove that the solution concept characterizes rationality, caution, and common "belief" of rationality and caution.

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Bibliographic Info

Article provided by Elsevier in its journal Mathematical Social Sciences.

Volume (Year): 62 (2011)
Issue (Month): 2 (September)
Pages: 109-113

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Handle: RePEc:eee:matsoc:v:62:y:2011:i:2:p:109-113

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Web page: http://www.elsevier.com/locate/inca/505565

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  1. Matthew J. Ryan, 2002. "What do uncertainty-averse decision-makers believe?," Economic Theory, Springer, vol. 20(1), pages 47-65.
  2. Drew Fudenberg & Eddie Dekel, 1987. "Rational Behavior with Payoff Uncertainty," Working papers 471, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Mark J. Machina & David Schmeidler, 1990. "A More Robust Definition of Subjective Probability," Discussion Paper Serie A 306, University of Bonn, Germany.
  4. Epstein, Larry G., 1997. "Preference, Rationalizability and Equilibrium," Journal of Economic Theory, Elsevier, vol. 73(1), pages 1-29, March.
  5. Adam Brandenburger & Amanda Friedenberg & H. Jerome Keisler, 2008. "Admissibility in Games," Econometrica, Econometric Society, vol. 76(2), pages 307-352, 03.
  6. Daniel Ellsberg, 2000. "Risk, Ambiguity and the Savage Axioms," Levine's Working Paper Archive 7605, David K. Levine.
  7. Kin Chung Lo, 1999. "Nash equilibrium without mutual knowledge of rationality," Economic Theory, Springer, vol. 14(3), pages 621-633.
  8. Gilboa,Itzhak, 2009. "Theory of Decision under Uncertainty," Cambridge Books, Cambridge University Press, number 9780521517324, April.
  9. repec:ebl:ecbull:v:4:y:2006:i:37:p:1-7 is not listed on IDEAS
  10. Borgers Tilman, 1994. "Weak Dominance and Approximate Common Knowledge," Journal of Economic Theory, Elsevier, vol. 64(1), pages 265-276, October.
  11. D. Pearce, 2010. "Rationalizable Strategic Behavior and the Problem of Perfection," Levine's Working Paper Archive 523, David K. Levine.
  12. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
  13. Lo, Kin Chung, 2005. "More likely than unlikely," Mathematical Social Sciences, Elsevier, vol. 49(1), pages 39-53, January.
  14. Mukerji, S., 1995. "A theory of play for games in strategic form when rationality is not common knowledge," Discussion Paper Series In Economics And Econometrics 9519, Economics Division, School of Social Sciences, University of Southampton.
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