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On Variations of Perfect Equilibria




In this paper, we examine relations among various refinements of a perfect equilibrium. First, we compare two refinements of a perfect equilibrium, a strictly perfect equilibrium (SPE) and a truly perfect equilibrium (TPE). We show that true perfectness implies strict perfectness and even strict properness. We also introduce the concept of a restrictive perfect equilibrium allowing only some or all sequences of totally mixed strategies satisfying a certain property. A proper equilibrium is an example of a restrictive perfect equilibrium. Then, true perfectness imposing the most severe robustness against perturbations implies any restrictive perfectness. This proves that every TPE is proper.

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  • Jeong‐Yoo Kim, 2019. "On Variations of Perfect Equilibria," Manchester School, University of Manchester, vol. 87(1), pages 103-116, January.
  • Handle: RePEc:bla:manchs:v:87:y:2019:i:1:p:103-116

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