Forward induction reasoning revisited
AbstractBattigalli and Siniscalchi (2002) formalize the idea of forward induction reasoning as "rationality and common strong belief of rationality" (RCSBR). Here, we study the behavioral implications of RCSBR across all type structures. Formally, we show that RCSBR is characterized by a solution concept we call Extensive Form Best Response Sets (EFBRS's). It turns out that the EFBRS concept is equivalent to a concept already proposed in the literature, namely Directed Rationalizability. (See Battigalli and Siniscalchi 2003.) We conclude by applying the EFBRS concept to games of interest.
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Bibliographic InfoArticle provided by Econometric Society in its journal Theoretical Economics.
Volume (Year): 7 (2012)
Issue (Month): 1 (January)
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Web page: http://econtheory.org
Epistemic game theory; forward induction; extensive form best response set; directed rationalizability;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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- Martin J. Osborne & Ariel Rubinstein, 1994.
"A Course in Game Theory,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262650401, January.
- Pierpaolo Battigalli & Alfredo Di Tillio & Dov Samet, 2011. "Strategies and interactive beliefs in dynamic games," Working Papers 375, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Tsakas Elias, 2012. "Rational belief hierarchies," Research Memorandum 004, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
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