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Evidential equilibria in static games

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  • Sanjit Dhami

    ()

  • ali al-Nowaihi

    ()

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    Abstract

    Under uncertainty about what others will do, evidence suggests that people often use evidential reasoning (ER), i.e., they assign diagnostic significance to their own actions in forming beliefs about the actions of others. ER successfully explains the evidence from many important games. We provide a formal theoretical framework for discussing ER by proposing evidential games and the relevant solution concept evidential equilibrium (EE). We derive the relation between a Nash equilibrium and an EE. We apply EE to several common games including the prisoners’ dilemma and oligopoly games.

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    File URL: http://www.le.ac.uk/economics/research/repec/lec/leecon/dp12-15.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 12/15.

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    Date of creation: Jul 2012
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    Handle: RePEc:lec:leecon:12/15

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    Related research

    Keywords: Evidential and causal reasoning; evidential games; social projection functions; ingroups and outgroups; evidential equilibria and consistent evidential equilibria; Nash equilibria; common knowledge and epistemic foundations.;

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    1. George Loewenstein, Ted O'Donoghue and Matthew Rabin., 2000. "Projection Bias in Predicting Future Utility," Economics Working Papers E00-284, University of California at Berkeley.
    2. Peter Duersch & Albert Kolb & Jörg Oechssler & Burkhard Schipper, 2010. "Rage against the machines: how subjects play against learning algorithms," Economic Theory, Springer, vol. 43(3), pages 407-430, June.
    3. Ernst Fehr & Simon Gaechter, 1999. "Cooperation and Punishment in Public Goods Experiments," CESifo Working Paper Series 183, CESifo Group Munich.
    4. Rassenti, Stephen & Reynolds, Stanley S. & Smith, Vernon L. & Szidarovszky, Ferenc, 2000. "Adaptation and convergence of behavior in repeated experimental Cournot games," Journal of Economic Behavior & Organization, Elsevier, vol. 41(2), pages 117-146, February.
    5. Israel Waichman & Till Requate & Ch'ng Kean Siang, 2010. "A Cournot Experiment with Managers and Students: Evidence from Germany and Malaysia," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 30.
    6. Robert J Aumann, 1999. "Agreeing to Disagree," Levine's Working Paper Archive 512, David K. Levine.
    7. Aumann, Robert & Brandenburger, Adam, 1995. "Epistemic Conditions for Nash Equilibrium," Econometrica, Econometric Society, vol. 63(5), pages 1161-80, September.
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