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Proper Consistency

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Author Info
Geir B. Asheim (University of Oslo)

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Abstract

Proper consistency is defined by the properties that each player takes all opponent strategies into account (is cautious) and deems one opponent strategy to be infinitely more likely than another if the opponent prefers the one to the other (respects preferences). When there is common certain belief of proper consistency, a most preferred strategy is properly rationalizable. Any strategy used with positive probability in a proper equilibrium is properly rationalizable. Only strategies that lead to the backward induction outcome is properly rationalizable in the strategic form of a generic perfect information game. Proper rationalizability can be used to test the robustness of inductive procedures.

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Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 0193.

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Date of creation: 01 Aug 2000
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Handle: RePEc:ecm:wc2000:0193

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. P. Battigalli & M. Siniscalchi, 1999. "Interactive Beliefs and Forward Induction," Princeton Economic Theory Papers 99f3, Economics Department, Princeton University.
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  2. Asheim,G.B., 1999. "On the epistemic foundation for backward induction," Memorandum 30/1999, Oslo University, Department of Economics. [Downloadable!]
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  3. Dekel, Eddie & Fudenberg, Drew, 1990. "Rational behavior with payoff uncertainty," Journal of Economic Theory, Elsevier, vol. 52(2), pages 243-267, December. [Downloadable!] (restricted)
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  4. Rubinstein, Ariel, 1991. "Comments on the Interpretation of Game Theory," Econometrica, Econometric Society, vol. 59(4), pages 909-24, July. [Downloadable!] (restricted)
  5. Herings, P.J.J. & Vannetelbosch, V.J., 1997. "Refinements of rationalizability for normal-form games," Discussion Paper 3, Tilburg University, Center for Economic Research. [Downloadable!]
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  6. Mailath, George J & Samuelson, Larry & Swinkels, Jeroen M, 1993. "Extensive Form Reasoning in Normal Form Games," Econometrica, Econometric Society, vol. 61(2), pages 273-302, March. [Downloadable!] (restricted)
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  7. Stalnaker, Robert, 1998. "Belief revision in games: forward and backward induction1," Mathematical Social Sciences, Elsevier, vol. 36(1), pages 31-56, July. [Downloadable!] (restricted)
  8. Epstein, Larry G & Wang, Tan, 1996. ""Beliefs about Beliefs" without Probabilities," Econometrica, Econometric Society, vol. 64(6), pages 1343-73, November. [Downloadable!] (restricted)
  9. Asheim, Geir B. & Dufwenberg, Martin, 2003. "Admissibility and common belief," Games and Economic Behavior, Elsevier, vol. 42(2), pages 208-234, February. [Downloadable!] (restricted)
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  10. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Choice under Uncertainty," Econometrica, Econometric Society, vol. 59(1), pages 61-79, January. [Downloadable!] (restricted)
  11. Epstein, Larry G., 1997. "Preference, Rationalizability and Equilibrium," Journal of Economic Theory, Elsevier, vol. 73(1), pages 1-29, March. [Downloadable!] (restricted)
  12. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Equilibrium Refinements," Econometrica, Econometric Society, vol. 59(1), pages 81-98, January. [Downloadable!] (restricted)
  13. Brandenburger Adam & Dekel Eddie, 1993. "Hierarchies of Beliefs and Common Knowledge," Journal of Economic Theory, Elsevier, vol. 59(1), pages 189-198, February. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Asheim,G.B., 1999. "On the epistemic foundation for backward induction," Memorandum 30/1999, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  2. Asheim,G.B. & Dufwenberg,M., 2000. "Admissibility and common belief," Memorandum 07/2000, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
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