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Possibility and permissibility

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Author Info
Kin Chung Lo () (York University, Toronto)

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Abstract

We generalize permissibility (Brandenburger, 1992) to allow for any suitably defined model of preference and definition of possibility. We also prove that the generalized solution concept characterizes rationality, caution, and “common belief" of rationality and caution.

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File URL: http://dept.econ.yorku.ca/research/workingPapers/working_papers/2009/Possibility%20and%20permissibility.pdf
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Paper provided by York University, Department of Economics in its series Working Papers with number 2009_01.

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Length: 15 pages
Date of creation: Sep 2009
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Handle: RePEc:yca:wpaper:2009_01

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Machina, Mark J & Schmeidler, David, 1992. "A More Robust Definition of Subjective Probability," Econometrica, Econometric Society, vol. 60(4), pages 745-80, July. [Downloadable!] (restricted)
    Other versions:
  2. Dekel, Eddie & Fudenberg, Drew, 1990. "Rational behavior with payoff uncertainty," Journal of Economic Theory, Elsevier, vol. 52(2), pages 243-267, December. [Downloadable!] (restricted)
    Other versions:
  3. Adam Brandenburger & Amanda Friedenberg & H. Jerome Keisler, 2008. "Admissibility in Games," Econometrica, Econometric Society, vol. 76(2), pages 307-352, 03. [Downloadable!] (restricted)
  4. Lo, Kin Chung, 2005. "More likely than unlikely," Mathematical Social Sciences, Elsevier, vol. 49(1), pages 39-53, January. [Downloadable!] (restricted)
  5. Kin Chung Lo, 2006. "A robust definition of possibility for biseparable preferences," Economics Bulletin, Economics Bulletin, vol. 4(37), pages 1-7. [Downloadable!]
  6. Mukerji, S., 1995. "A Theory of Play for Games in Strategic Form when Rationality is not Common Knowledge," Discussion Paper Series In Economics And Econometrics 9519, Economics Division, School of Social Sciences, University of Southampton.
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This page was last updated on 2009-11-23.

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