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Complete Sequential Equilibrium and Its Alternative

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  • Jung, Hanjoon Michael

Abstract

We propose a complete version of the sequential equilibrium (CSE) and its alternative solution concept (WCSE) for general finite-period games with observed actions. The sequential equilibrium (SE) is not a complete solution concept in that it might not be a Nash equilibrium in the general games that allow a continuum of types and strategies. The CSE is always a Nash equilibrium and is equivalent to the SE in finite games. So, the CSE is a complete solution concept in the general games as a version of the SE. The WCSE is a weak, but simple version of the CSE. It is also a complete solution concept and functions as an alternative solution concept to the CSE. Their relation with converted versions of the perfect equilibrium and the perfect Bayesian equilibrium are discussed

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15443.

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Date of creation: 26 May 2009
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Handle: RePEc:pra:mprapa:15443

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Keywords: Complete Belief; Complete Sequential Equilibirum; Finite-period game; Solution Concept; Sequential Convergency; Sequential Equilibrium.;

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  1. Fudenberg, Drew & Tirole, Jean, 1991. "Perfect Bayesian equilibrium and sequential equilibrium," Journal of Economic Theory, Elsevier, vol. 53(2), pages 236-260, April.
  2. David Kreps & Robert Wilson, 1998. "Sequential Equilibria," Levine's Working Paper Archive 237, David K. Levine.
  3. V. Crawford & J. Sobel, 2010. "Strategic Information Transmission," Levine's Working Paper Archive 544, David K. Levine.
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Cited by:
  1. Jung, Hanjoon Michael, 2009. "Strategic Information Transmission: Comment," MPRA Paper 17115, University Library of Munich, Germany.
  2. hanjoon michael, jung/j, 2010. "Perfect Regular Equilibrium," MPRA Paper 26534, University Library of Munich, Germany.

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