Independence for Conditional Probability Systems
AbstractIt has been argues that the natural notion of independence for conditional probability systems is weaker than sequential equilibrium's consistency condition. Kohlberg and Reny(1992) provide an attractive extra condition on a conditioal probability system thatimplies equivalence to consistency. We provide an alternative condition and argue that it is a natural implication of independence. condition also implies equivalence to consistency, and so is equivalent to Kohlberg and Reny's. However, the motivation and formulation of the condition are different, providing an additional viewpoint from which to understand consistency.
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Bibliographic InfoPaper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1076.
Date of creation: Nov 1993
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Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014
Web page: http://www.kellogg.northwestern.edu/research/math/
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- David Kreps & Robert Wilson, 1998.
Levine's Working Paper Archive
237, David K. Levine.
- Carlos Pimienta, 2011. "Weakly-Bayesian and Consistent Assessments," Discussion Papers 2012-02, School of Economics, The University of New South Wales.
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