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Social Rationalizability

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  • Herings, P.J.J.
  • Mauleon, A.
  • Vannetelbosch, V.

    (Tilburg University, Center for Economic Research)

Abstract

Social environments constitute a framework in which it is possible to study how groups of agents interact in a society.The framework is general enough to analyse both non-cooperative and cooperative games.We identify a number of shortcomings of existing solution concepts that are used for social environments and propose a new concept called social rationalizability.The concept aims to identify the consequences of common knowledge of rationality and farsightedness within the framework of social environments.The set of socially rationalizable outcomes is shown to be non-empty for all social environments and it can be computed by an iterative reduction procedure.We introduce a definition of coalitional rationality for social environments and show that it is satisfied by social rationalizability.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2000-81.

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Date of creation: 2000
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Handle: RePEc:dgr:kubcen:200081

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Related research

Keywords: Social environments; rationalizability; coalitional rationality;

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References

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  1. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 514, David K. Levine.
  2. VANNETELBOSCH, Vincent J., . "Alternating-offer bargaining and common knowledge of rationality," CORE Discussion Papers RP -1432, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Vincent J. Vannetelbosch, 1999. "Rationalizability and equilibrium in N-person sequential bargaining," Economic Theory, Springer, vol. 14(2), pages 353-371.
  4. HERINGS, Jean - Jacques & VANNETELBOSCH, Vincent, 1997. "Refinements of rationalizability for normal-form games," CORE Discussion Papers 1997002, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Chwe Michael Suk-Young, 1994. "Farsighted Coalitional Stability," Journal of Economic Theory, Elsevier, vol. 63(2), pages 299-325, August.
  6. Bloch, Francis, 1996. "Sequential Formation of Coalitions in Games with Externalities and Fixed Payoff Division," Games and Economic Behavior, Elsevier, vol. 14(1), pages 90-123, May.
  7. Shimoji, Makoto & Watson, Joel, 1998. "Conditional Dominance, Rationalizability, and Game Forms," Journal of Economic Theory, Elsevier, vol. 83(2), pages 161-195, December.
  8. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
  9. Mariotti, Marco, 1997. "A Model of Agreements in Strategic Form Games," Journal of Economic Theory, Elsevier, vol. 74(1), pages 196-217, May.
  10. Licun Xue, 1998. "Coalitional stability under perfect foresight," Economic Theory, Springer, vol. 11(3), pages 603-627.
  11. Battigalli, Pierpaolo, 1997. "On Rationalizability in Extensive Games," Journal of Economic Theory, Elsevier, vol. 74(1), pages 40-61, May.
  12. Rosenthal, Robert W., 1972. "Cooperative games in effectiveness form," Journal of Economic Theory, Elsevier, vol. 5(1), pages 88-101, August.
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Cited by:
  1. BHATTACHARYA, Anindya & ZIAD, Abderrahmane, 2003. "On conservative stable standard of behaviour in situations with perfect foresight," CORE Discussion Papers 2003049, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Jean-Jacques HERINGS & Ana MAULEON & Vincent J. VANNETELBOSCH, 2001. "Rationalizability for Social Environments," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001028, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. A Bhattacharya & A Ziad, . "On Credible Coalitional Deviations by Prudent Players," Discussion Papers 09/33, Department of Economics, University of York.

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