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A Formal Definition of Perfect Bayesian Equilibrium for Extensive Games

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Author Info
Julio Gonzalez-Diaz
Miguel Melendez-Jimenez
Abstract

Often, perfect bayesian equilibrium is loosely defined by stating that players should be sequentially rational given some beliefs in which Bayes rule is applied “whenever possible”. We show that there are games in which it is not clear what “whenever possible” means. Then, we provide a simple definition of perfect bayesian equilibrium for general extensive games that refines both weak perfect equilibrium and subgame perfect equilibrium.

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File URL: http://www.kellogg.northwestern.edu/faculty/gonzalezdiaz/papers/Perfect_Bayesian.pdf
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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1446.

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Date of creation: Jun 2007
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Handle: RePEc:nwu:cmsems:1446

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Related research
Keywords: non-cooperative game theory; equilibrium concepts; perfect bayesian; Bayes rule.;

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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