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Observable implications of Nash and subgame-perfect behavior in extensive games

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  • Susan Snyder
  • Indrajit Ray

Abstract

We provide necessary and sufficient conditions for observed outcomes in extensive game forms, in which preferences are unobserved, to be rationalized first, partially, as a Nash equilibrium and then, fully, as the unique subgame-perfect equilibrium. Thus, one could use these conditions to find that play is (a) consistent with subgame-perfect equilibrium, or (b) not consistent with subgame-perfect equilibrium but is consistent with Nash equilibrium, or (c) consistent with neither.

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File URL: http://repec.org/esNASM04/up.24581.1075493308.pdf
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Bibliographic Info

Paper provided by Econometric Society in its series Econometric Society 2004 North American Summer Meetings with number 407.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:nasm04:407

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Keywords: Revealed preference; subgame-perfect equilibrium;

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References

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  1. Bossert, W. & Sprumont, Y., 2001. "Non-Deteriorating Choice," Cahiers de recherche 2001-01, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  2. Walter Bossert & Yves Sprumont, 2002. "Core rationalizability in two-agent exchange economies," Economic Theory, Springer, vol. 20(4), pages 777-791.
  3. Walter Bossert & Yves Sprumont, 2013. "Every Choice Function Is Backwards‐Induction Rationalizable," Econometrica, Econometric Society, vol. 81(6), pages 2521-2534, November.
  4. Sprumont, Yves, 2000. "On the Testable Implications of Collective Choice Theories," Journal of Economic Theory, Elsevier, vol. 93(2), pages 205-232, August.
  5. Martin J Osborne & Ariel Rubinstein, 2009. "A Course in Game Theory," Levine's Bibliography 814577000000000225, UCLA Department of Economics.
  6. Sen, Amartya K, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Wiley Blackwell, vol. 38(115), pages 307-17, July.
  7. Demuynck, Thomas & Lauwers, Luc, 2009. "Nash rationalization of collective choice over lotteries," Mathematical Social Sciences, Elsevier, vol. 57(1), pages 1-15, January.
  8. Carvajal, Andres & Ray, Indrajit & Snyder, Susan, 2004. "Equilibrium behavior in markets and games: testable restrictions and identification," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 1-40, February.
  9. Deb, Rahul, 2009. "A testable model of consumption with externalities," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1804-1816, July.
  10. Andrés Carvajal & Rahul Deb & James Fenske & John K.‐H. Quah, 2013. "Revealed Preference Tests of the Cournot Model," Econometrica, Econometric Society, vol. 81(6), pages 2351-2379, November.
  11. Penalva Jose & Ryall Michael D, 2008. "Empirical Implications of Information Structure in Finite Extensive Form Games," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 8(1), pages 1-49, January.
  12. Sprumont, Yves, 2001. "Paretian Quasi-orders: The Regular Two-Agent Case," Journal of Economic Theory, Elsevier, vol. 101(2), pages 437-456, December.
  13. Lin Zhou, 2005. "The structure of the Nash equilibrium sets of standard 2-player games," Economic Theory, Springer, vol. 26(2), pages 301-308, 08.
  14. Lee, SangMok, 2012. "The testable implications of zero-sum games," Journal of Mathematical Economics, Elsevier, vol. 48(1), pages 39-46.
  15. Laurens Cherchye & Thomas Demuynck & Bram De Rock, 2013. "Nash‐Bargained Consumption Decisions: A Revealed Preference Analysis," Economic Journal, Royal Economic Society, vol. 123, pages 195-235, 03.
  16. Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November.
  17. Adam Galambos, 2005. "Revealed Preference in Game Theory," 2005 Meeting Papers 776, Society for Economic Dynamics.
  18. Ray, Indrajit & Zhou, Lin, 2001. "Game Theory via Revealed Preferences," Games and Economic Behavior, Elsevier, vol. 37(2), pages 415-424, November.
  19. BOSSERT, Walter & SPRUMONT, Yves, 2002. "Efficient and Non-Deteriorating Choice," Cahiers de recherche 2002-10, Universite de Montreal, Departement de sciences economiques.
  20. Ruediger Bachmann, 2006. "Testable Implications of Pareto Efficiency and Individualrationality," Economic Theory, Springer, vol. 29(3), pages 489-504, November.
  21. Xu, Yongsheng & Zhou, Lin, 2007. "Rationalizability of choice functions by game trees," Journal of Economic Theory, Elsevier, vol. 134(1), pages 548-556, May.
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  23. Andrés Carvajal, 2010. "The testable implications of competitive equilibrium in economies with externalities," Economic Theory, Springer, vol. 45(1), pages 349-378, October.
  24. Bachmann, Ruediger, 2006. "Testable implications of coalitional rationality," Economics Letters, Elsevier, vol. 93(1), pages 101-105, October.
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Cited by:
  1. BOSSERT, Walter & SPRUMONT, Yves, 2013. "Every Choice Function is Backwards-Induction Rationalizable," Cahiers de recherche 2013-01, Universite de Montreal, Departement de sciences economiques.
  2. Lee, SangMok, 2012. "The testable implications of zero-sum games," Journal of Mathematical Economics, Elsevier, vol. 48(1), pages 39-46.
  3. Chiappori, Pierre-André & Donni, Olivier, 2006. "Learning from a Piece of Pie: The Empirical Content of Nash Bargaining," IZA Discussion Papers 2128, Institute for the Study of Labor (IZA).

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