Belief-Free Equilibria in Games With Incomplete Information
We define belief-free equilibria in two-player games with incomplete information as sequential equilibria for which players' continuation strategies are best replies after every history, independently of their beliefs about the state of nature. We characterize a set of payoffs that includes all belief-free equilibrium payoffs. Conversely, any payoff in the interior of this set is a belief-free equilibrium payoff. The characterization is applied to the analysis of reputations. Copyright 2009 The Econometric Society.
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Volume (Year): 77 (2009)
Issue (Month): 2 (03)
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