Ebbe Hendon (Institute of Economics, University of Copenhagen) Hans Jørgen Jacobsen (Institute of Economics, University of Copenhagen) Birgitte Sloth (Institute of Economics, University of Copenhagen)
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This article analyzes the fictitious play process originally proposed for strategic form games by Brown (1951) and Robinson (1951). We interpret the process as a model of preplay thinking performed by players before acting in a one-shot game. This model is one of bounded rationality. We discuss how fictitious play should then be defined for extensive form games and conclude that this is somewhat problematic. We therefore study two alternative definitions. For either of these, under a weak condition of initial uncertainty, a convergence point of a fictitious play sequence is a sequential equilibrium. For generic games of perfect information initial uncertainty also implies convergence of fictitious play.
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
94-06.
Length: 36 pages Date of creation: Date of revision: Publication status: Published in: Games and Economic Behavior, 1996, 15(2) pp 177-202 Handle: RePEc:kud:kuiedp:9406
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Find related papers by JEL classification: C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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