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Deductive Reasoning in Extensive Games

  • Geir B. Asheim
  • Martin Dufwenberg

We justify the application to extensive games of a model of deductive reasoning based on three key features: 'caution', 'full belief of opponent rationality', and 'no extraneous restrictions on beliefs'. We apply the model to several examples, and show that it yields novel economic insights. The approach supports forward induction, without necessarily promoting backward induction. Copyright 2003 Royal Economic Society.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 113 (2003)
Issue (Month): 487 (04)
Pages: 305-325

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Handle: RePEc:ecj:econjl:v:113:y:2003:i:487:p:305-325
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  1. Reny, Philip J, 1992. "Backward Induction, Normal Form Perfection and Explicable Equilibria," Econometrica, Econometric Society, vol. 60(3), pages 627-49, May.
  2. Samuelson, L., 1991. "Dominated Strategies and Common Knowledge," Papers 9110, Tilburg - Center for Economic Research.
  3. van Damme, Eric, 1989. "Stable equilibria and forward induction," Journal of Economic Theory, Elsevier, vol. 48(2), pages 476-496, August.
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  6. Asheim,G.B. & Dufwenberg,M., 2000. "Admissibility and common belief," Memorandum 07/2000, Oslo University, Department of Economics.
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  20. Basu, Kaushik, 1990. "On the Non-existence of a Rationality Definition for Extensive Games," International Journal of Game Theory, Springer, vol. 19(1), pages 33-44.
  21. Samuelson, Larry, 1992. "Dominated strategies and common knowledge," Games and Economic Behavior, Elsevier, vol. 4(2), pages 284-313, April.
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