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Learning in extensive-form games I. Self-confirming equilibria

  • Fudenberg, Drew
  • Kreps, David M.

A group of individuals repeatedly plays a fixed extensive-form game, using past play to forecast future actions. Each (asymptotically) maximizes his own immediate expected payoff, believing that others' play corresponds to the historical frequencies of past play. Because players observe only the path of play in each round, they may not learn how others act in parts of the game tree that are not reached infinitely often. Hence, differences and correlations in beliefs about out-of-equilibrium actions may persist indefinitely. The stable points of these learning processes are self-confirming equilibria, a weaker solution concept than Nash equilibria. Journal of Economic Literature Classification Numbers: C72, D83.

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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 8 (1995)
Issue (Month): 1 ()
Pages: 20-55

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Handle: RePEc:eee:gamebe:v:8:y:1995:i:1:p:20-55
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. Ehud Kalai & Ehud Lehrer, 1991. "Subjective Equilibrium in Repeated Games," Discussion Papers 981, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Drew Fudenberg & David Kreps, 2010. "Learning Mixed Equilibria," Levine's Working Paper Archive 415, David K. Levine.
  3. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-37, September.
  4. R. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Bibliography 513, UCLA Department of Economics.
  5. Ehud Kalai & Ehud Lehrer, 1993. "Subjective Games and Equilibria: I+," Discussion Papers 1077, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Fudenberg, Drew & Levine, David K, 1993. "Self-Confirming Equilibrium," Econometrica, Econometric Society, vol. 61(3), pages 523-45, May.
  7. Kalai, Ehud & Lehrer, Ehud, 1991. "Rational Learning Leads to Nash Equilibrium," Working Papers 91-18, C.V. Starr Center for Applied Economics, New York University.
  8. Fudenberg, Drew & Levine, David K, 1993. "Steady State Learning and Nash Equilibrium," Econometrica, Econometric Society, vol. 61(3), pages 547-73, May.
  9. Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812, March.
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