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Towards a Characterization of Rational Expectations

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Author Info
Itai Arieli ()
Abstract

R. J. Aumann and J. H. Drèze (2008) define a rational expectation of a player i in a game G as the expected payo of some type of i in some belief system for G in which common knowledge of rationality and common priors obtain. Our goal is to characterize the set of rational expectations in terms of the game's payoff matrix. We provide such a characterization for a specific class of strategic games, called semi-elementary, which includes Myerson's "elementary" games.

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Paper provided by Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp475.

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Length: 18 pages
Date of creation: Jan 2008
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Handle: RePEc:huj:dispap:dp475

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  1. Myerson, Roger B., 1997. "Dual Reduction and Elementary Games," Games and Economic Behavior, Elsevier, vol. 21(1-2), pages 183-202, October. [Downloadable!] (restricted)
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  2. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March. [Downloadable!] (restricted)
  3. Robert J. Aumann & Jacques H. Dreze, 2008. "Rational Expectations in Games," American Economic Review, American Economic Association, vol. 98(1), pages 72-86, March. [Downloadable!]
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