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Perfect equilibrium and lexicographic beliefs

Author

Listed:
  • Srihari Govindan

    () (Department of Economics, University of Western Ontario, N6A 5C2 London, Ontario, CANADA)

  • Tilman Klumpp

    () (Department of Economics, University of Western Ontario)

Abstract

We extend the results of Blume, Brandenberger, and Dekel (1991b) to obtain a finite characterization of perfect equilibria in terms of lexicographic probability systems (LPSs). The LPSs we consider are defined over individual strategy sets and thus capture the property of independence among players' actions. Our definition of a product LPS over joint actions of the players is shown to be canonical, in the sense that any independent LPS on joint actions is essentially equivalent to a product LPS according to our definition.

Suggested Citation

  • Srihari Govindan & Tilman Klumpp, 2003. "Perfect equilibrium and lexicographic beliefs," International Journal of Game Theory, Springer;Game Theory Society, vol. 31(2), pages 229-243.
  • Handle: RePEc:spr:jogath:v:31:y:2003:i:2:p:229-243
    Note: Received February 2002/Final version June 2002
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    Citations

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    Cited by:

    1. Srihari Govindan & Robert Wilson, 2012. "Axiomatic Equilibrium Selection for Generic Two‚ÄźPlayer Games," Econometrica, Econometric Society, vol. 80(4), pages 1639-1699, July.
    2. Dang, Chuangyin & Meng, Xiaoxuan & Talman, Dolf, 2015. "An Interior-Point Path-Following Method for Computing a Perfect Stationary Point of a Polynomial Mapping on a Polytope," Discussion Paper 2015-019, Tilburg University, Center for Economic Research.
    3. Srihari Govindan & Robert Wilson, 2008. "Axiomatic Theory of Equilibrium Selection in Signalling Games with Generic Payoffs," Levine's Working Paper Archive 122247000000002381, David K. Levine.
    4. Govindan, Srihari & Wilson, Robert B., 2006. "Sufficient conditions for stable equilibria," Theoretical Economics, Econometric Society, vol. 1(2), pages 167-206, June.
    5. Dekel, Eddie & Friedenberg, Amanda & Siniscalchi, Marciano, 2016. "Lexicographic beliefs and assumption," Journal of Economic Theory, Elsevier, vol. 163(C), pages 955-985.
    6. Peter A. Streufert, 2005. "Two Characterizations of Consistency," UWO Department of Economics Working Papers 20052, University of Western Ontario, Department of Economics.

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