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Characterizing Consistency by Monomials and by Product Dispersions

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Abstract

This paper derives two characterizations of the Kreps-Wilson concept of consistent beliefs. In the first, beliefs are shown to be consistent iff they can be constructed from the elements of monomial vectors which converge to the strategies. In the second, beliefs are shown to be consistent iff they can be induced by a product dispersion whose marginal dispersions induce the strategies. The first characterization is simpler than the definition in Kreps and Wilson (1982), and the second seems more fundamental in the sense that it is built on an underlying theory of relative probability.

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File URL: http://economics.uwo.ca/research/department_working_papers_docs/wp2006/wp2006_2.pdf
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Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20062.

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Date of creation: 2006
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Handle: RePEc:uwo:uwowop:20062

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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

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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. Peter A. Streufert, 2005. "Two Characterizations of Consistency," UWO Department of Economics Working Papers 20052, University of Western Ontario, Department of Economics.
  3. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July.
  4. Kohlberg, Elon & Reny, Philip J., 1997. "Independence on Relative Probability Spaces and Consistent Assessments in Game Trees," Journal of Economic Theory, Elsevier, vol. 75(2), pages 280-313, August.
  5. Perea y Monsuwe, Andres & Jansen, Mathijs & Peters, Hans, 1997. "Characterization of Consistent Assessments in Extensive Form Games," Games and Economic Behavior, Elsevier, vol. 21(1-2), pages 238-252, October.
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Cited by:
  1. Peter A. Streufert, 2006. "Products of Several Relative Probabilities," UWO Department of Economics Working Papers 20061, University of Western Ontario, Department of Economics.

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