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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. Asheim, Geir B. & Dufwenberg, Martin, 2003. "Admissibility and common belief," Games and Economic Behavior, Elsevier, vol. 42(2), pages 208-234, February.
  2. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 514, David K. Levine.
  3. Samuelson, L., 1990. "Dominated Strategies And Common Knowledge," Working papers 90-14, Wisconsin Madison - Social Systems.
  4. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Choice under Uncertainty," Econometrica, Econometric Society, vol. 59(1), pages 61-79, January.
  5. Basu, Kaushik, 1990. "On the Non-existence of a Rationality Definition for Extensive Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 19(1), pages 33-44.
  6. Rubinstein, Ariel, 1991. "Comments on the Interpretation of Game Theory," Econometrica, Econometric Society, vol. 59(4), pages 909-24, July.
  7. P. Battigalli & M. Siniscalchi, 1999. "Interactive Beliefs and Forward Induction," Princeton Economic Theory Papers 99f3, Economics Department, Princeton University.
  8. van Damme,Eric, 1987. "Stable equilibria and forward induction," Discussion Paper Serie A 128, University of Bonn, Germany.
  9. Mailath, G. & Samuelson, L. & Swinkels, J., 1991. "Extensive form reasoning in normal form games," Discussion Paper 1991-30, Tilburg University, Center for Economic Research.
  10. Battigalli, Pierpaolo, 1996. "Strategic Rationality Orderings and the Best Rationalization Principle," Games and Economic Behavior, Elsevier, vol. 13(2), pages 178-200, April.
  11. Reny Philip J., 1993. "Common Belief and the Theory of Games with Perfect Information," Journal of Economic Theory, Elsevier, vol. 59(2), pages 257-274, April.
  12. E. Dekel & D. Fudenberg, 2010. "Rational Behavior with Payoff Uncertainty," Levine's Working Paper Archive 379, David K. Levine.
  13. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July.
  14. 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.
  15. Aumann, Robert J., 1995. "Backward induction and common knowledge of rationality," Games and Economic Behavior, Elsevier, vol. 8(1), pages 6-19.
  16. Asheim, Geir B., 2002. "On the epistemic foundation for backward induction," Mathematical Social Sciences, Elsevier, vol. 44(2), pages 121-144, November.
  17. Borgers, Tilman & Samuelson, Larry, 1992. ""Cautious" Utility Maximization and Iterated Weak Dominance," International Journal of Game Theory, Springer;Game Theory Society, vol. 21(1), pages 13-25.
  18. Samuelson, Larry, 1992. "Dominated strategies and common knowledge," Games and Economic Behavior, Elsevier, vol. 4(2), pages 284-313, April.
  19. Reny, Philip J, 1992. "Backward Induction, Normal Form Perfection and Explicable Equilibria," Econometrica, Econometric Society, vol. 60(3), pages 627-49, May.
  20. Battigalli, Pierpaolo, 1997. "On Rationalizability in Extensive Games," Journal of Economic Theory, Elsevier, vol. 74(1), pages 40-61, May.
  21. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
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