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p-Best response set

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  • Tercieux, Olivier

Abstract

This paper introduces a notion of p-best response set (p-BR). We build on this notion in order to provide a new set-valued concept: the minimal p-best response set (p-MBR). After proving general existence results of the p-MBR, we show that it characterizes set-valued stability concepts in a dynamic with Poisson revision opportunities borrowed from Matsui and Matsuyama [An approach to equilibrium selection, J. Econ. Theory 65 (1995) 415-434.] Then, we study equilibrium selection. In particular, using our notion of p-BR, we generalize Morris et al. [p-Dominance and belief potential, Econometrica 63 (1995) 145-157.] that aimed to provide sufficient conditions under which a unique equilibrium is selected in the presence of higher order uncertainty.
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  • Tercieux, Olivier, 2006. "p-Best response set," Journal of Economic Theory, Elsevier, vol. 131(1), pages 45-70, November.
  • Handle: RePEc:eee:jetheo:v:131:y:2006:i:1:p:45-70
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