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Perfect equilibrium and lexicographic beliefs

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  • Srihari Govindan

    ()
    (Department of Economics, University of Western Ontario, N6A 5C2 London, Ontario, CANADA)

  • Tilman Klumpp

    ()
    (Department of Economics, University of Western Ontario)

Abstract

We extend the results of Blume, Brandenberger, and Dekel (1991b) to obtain a finite characterization of perfect equilibria in terms of lexicographic probability systems (LPSs). The LPSs we consider are defined over individual strategy sets and thus capture the property of independence among players' actions. Our definition of a product LPS over joint actions of the players is shown to be canonical, in the sense that any independent LPS on joint actions is essentially equivalent to a product LPS according to our definition.

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Bibliographic Info

Article provided by Springer in its journal International Journal of Game Theory.

Volume (Year): 31 (2003)
Issue (Month): 2 ()
Pages: 229-243

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Handle: RePEc:spr:jogath:v:31:y:2003:i:2:p:229-243

Note: Received February 2002/Final version June 2002
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Related research

Keywords: Perfect equilibrium; lexicographic beliefs; independence; finite characterization.;

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Cited by:
  1. Peter A. Streufert, 2005. "Two Characterizations of Consistency," UWO Department of Economics Working Papers 20052, University of Western Ontario, Department of Economics.
  2. Srihari Govindan & Robert Wilson, 2012. "Axiomatic Equilibrium Selection for Generic Two‚ÄźPlayer Games," Econometrica, Econometric Society, vol. 80(4), pages 1639-1699, 07.
  3. Wilson, Robert B. & Govindan, Srihari, 2006. "Sufficient conditions for stable equilibria," Theoretical Economics, Econometric Society, vol. 1(2), pages 167-206, June.
  4. Srihari Govindan & Robert Wilson, 2008. "Axiomatic Theory of Equilibrium Selection in Signalling Games with Generic Payoffs," Levine's Working Paper Archive 122247000000002381, David K. Levine.

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