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Rationality in Extensive-Form Games

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  • Philip J. Reny

Abstract

Let us adopt the classical point of view that a theory of games is a description of "rational" behavior. Consequently, equipped with a book entitled "Theory of Games," any individual in any strategic situation need only consult the book to make a "rational" decision. One of the questions to address in this context is indeed whether or not strategies other than those provided by backward induction can ever appear in such a book. In offering an answer, we shall also explore the logical limits within which any "Theory of Games" must operate.

Suggested Citation

  • Philip J. Reny, 1992. "Rationality in Extensive-Form Games," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 103-118, Fall.
  • Handle: RePEc:aea:jecper:v:6:y:1992:i:4:p:103-18
    Note: DOI: 10.1257/jep.6.4.103
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.6.4.103
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    References listed on IDEAS

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    1. Rosenthal, Robert W., 1981. "Games of perfect information, predatory pricing and the chain-store paradox," Journal of Economic Theory, Elsevier, vol. 25(1), pages 92-100, August.
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    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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