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Dynamic Consistency in Extensive form Decision Problems

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Author Info
Nicola Dimitri ()
Abstract

In a stimulating paper Piccione and Rubinstein (1997) argued how a decision maker could undertake dynamically inconsistent choices when, in an extensive form decision problem, she exhibits a particular type of imperfect recall named absentmindedness. Such imperfection obtains whenever an information set includes histories along the same decision path. Starting from work focusing on the Absentminded Driver example, and independently developed by Segal (2000) and Dimitri (1999), the main theorem of this paper provides a general result of dynamically consistent choices, valid for a large class of finite extensive form decision problems without nature.

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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 455.

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Date of creation: Jul 2005
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Handle: RePEc:usi:wpaper:455

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C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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  1. Piccione, Michele & Rubinstein, Ariel, 1997. "On the Interpretation of Decision Problems with Imperfect Recall," Games and Economic Behavior, Elsevier, vol. 20(1), pages 3-24, July. [Downloadable!] (restricted)
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  2. Aumann, Robert J. & Hart, Sergiu & Perry, Motty, 1997. "The Absent-Minded Driver," Games and Economic Behavior, Elsevier, vol. 20(1), pages 102-116, July. [Downloadable!] (restricted)
  3. Battigalli, Pierpaolo, 1997. "Dynamic Consistency and Imperfect Recall," Games and Economic Behavior, Elsevier, vol. 20(1), pages 31-50, July. [Downloadable!] (restricted)
  4. Lipman, Barton L., 1997. "More Absentmindedness," Games and Economic Behavior, Elsevier, vol. 20(1), pages 97-101, July. [Downloadable!] (restricted)
  5. Hvide, H.K., 1999. "Bounds to Memory Loss," Papers 11-99, Tel Aviv.
  6. Gilboa, Itzhak, 1997. "A Comment on the Absent-Minded Driver Paradox," Games and Economic Behavior, Elsevier, vol. 20(1), pages 25-30, July. [Downloadable!] (restricted)
  7. Sáez-Martí, María & Weibull, Jörgen W., 2002. "Discounting and Future Selves," Working Paper Series 575, Research Institute of Industrial Economics. [Downloadable!]
  8. Modica, Salvatore & Rustichini, Aldo, 1999. "Unawareness and Partitional Information Structures," Games and Economic Behavior, Elsevier, vol. 27(2), pages 265-298, May. [Downloadable!] (restricted)
  9. Eddie Dekel & Barton L. Lipman & Aldo Rustichini, 1998. "Standard State-Space Models Preclude Unawareness," Econometrica, Econometric Society, vol. 66(1), pages 159-174, January.
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