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Best-reply matching and the centipede game

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  • Gisèle Umbhauer
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    Abstract

    In their paper on Best-Reply Matching (BRM), Droste, Kosfeld & Voorneveld (2003) obtained quite intuitive results for the centipede game. In this short paper we first show that these results derive from the application of their criterion to the reduced normal form of the game. Then we prove that applying their criterion to the normal form of the game leads to different results. Third we propose an extension of Droste, Kosfeld & Voorneveld’s criterion, which leads to the same results in both the reduced normal form and the normal form of a game. This extension leads to a larger set of behaviors, including the Subgame Perfect Nash equilibrium but also a limited rationality behavior that strongly sustains the continuation of the game.

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    File URL: http://www.beta-umr7522.fr/productions/publications/2007/2007-25.pdf
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    Bibliographic Info

    Paper provided by Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg in its series Working Papers of BETA with number 2007-25.

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    Date of creation: 2007
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    Handle: RePEc:ulp:sbbeta:2007-25

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    Related research

    Keywords: Best-Reply Matching; centipede game; reduced normal form; normal form; Subgame Perfect Nash equilibrium.;

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    1. Bernheim, B Douglas, 1984. "Rationalizable Strategic Behavior," Econometrica, Econometric Society, vol. 52(4), pages 1007-28, July.
    2. Kosfeld, Michael & Droste, Edward & Voorneveld, Mark, 2002. "A myopic adjustment process leading to best-reply matching," Games and Economic Behavior, Elsevier, vol. 40(2), pages 270-298, August.
    3. Droste, Edward & Kosfeld, Michael & Voorneveld, Mark, 2003. "Best-reply matching in games," Mathematical Social Sciences, Elsevier, vol. 46(3), pages 291-309, December.
    4. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
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