Weakly-Bayesian and Consistent Assessments
AbstractA weakly-Bayesian assessment is computed applying Bayes rule at positive probability information sets. We characterize the set of extensive-forms for which the sets of weakly-Bayesian and consistent assessments coincide. In doing so we disentangle the different restrictions imposed by consistency across information sets. We apply this knowledge to strengthen weakly-Bayesian assessments and to derive conditions for equivalence with consistency that can be useful in economic applications.
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Bibliographic InfoPaper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2012-02.
Length: 34 pages
Date of creation: Oct 2011
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More information through EDIRC
Backwards induction; Weakly-Bayesian assessments; Consistent assessments; Sequential equilibrium; Extensive-forms.;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
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