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Belief-free equilibria in games with incomplete information

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  • Stefano, LOVO

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    Abstract

    We de ne belief-free equilibria in two-player games with incomplete information as se- quential equilibria for which players' continuation strategies are best-replies, after every history, independently of their beliefs about the state of nature. We characterize a set of payo s that includes all belief-free equilibrium payo s. Conversely, any payo in the interior of this set is a belief-free equilibrium payo

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    Bibliographic Info

    Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 884.

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    Length: 31 pages
    Date of creation: 01 Dec 2007
    Date of revision:
    Handle: RePEc:ebg:heccah:0884

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    Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
    Web page: http://www.hec.fr/
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    Related research

    Keywords: repeated game with incomplete information; Harsanyi doctrine; belief-free equilibria;

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    1. FORGES, Françoise, . "Repeated games of incomplete information: Non-zero sum," CORE Discussion Papers RP -1012, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Martin W. Cripps & Jonathan Thomas, 2004. "Some Asymptotic Results in Discounted Repeated Games of One-Sided Incomplete Information," ESE Discussion Papers 76, Edinburgh School of Economics, University of Edinburgh.
    3. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
    4. Forges,F. & Minelli,E., 1995. "Property of Nash Equilibria in Repeated Games with Incomplete Information," Papers 9518, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
    5. Jeffrey C. Ely & Johannes Hörner & Wojciech Olszewski, 2005. "Belief-Free Equilibria in Repeated Games," Econometrica, Econometric Society, vol. 73(2), pages 377-415, 03.
    6. Jeffrey C. Ely & Juuso Valimaki, 2002. "Bad Reputation," Discussion Papers 1348, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    7. Ehud Kalai, 2004. "Large Robust Games," Econometrica, Econometric Society, vol. 72(6), pages 1631-1665, November.
    8. Aumann, Robert J. & Heifetz, Aviad, 2001. "Incomplete Information," Working Papers 1124, California Institute of Technology, Division of the Humanities and Social Sciences.
    9. Jeffrey Ely, 2000. "A Robust Folk Theorem for the Prisoners' Dilemma," Econometric Society World Congress 2000 Contributed Papers 0210, Econometric Society.
    10. Piccione, Michele, 2002. "The Repeated Prisoner's Dilemma with Imperfect Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 70-83, January.
    11. Nimrod Megiddo, 1979. "On Repeated Games with Incomplete Information Played by Non-Bayesian Players," Discussion Papers 373, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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