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On the notion of perfect Bayesian equilibrium

Listed author(s):
  • Julio González-Díaz

    ()

  • Miguel Meléndez-Jiménez

    ()

Often, perfect Bayesian equilibrium is loosely defined by stating that players should be sequentially rational given some beliefs in which Bayes rule is applied “whenever possible.” We argue that there are situations in which it is not clear what “whenever possible” means. Then we provide an elementary definition of perfect Bayesian equilibrium for general extensive games that refines both weak perfect Bayesian equilibrium and subgame perfect equilibrium. Copyright Sociedad de Estadística e Investigación Operativa 2014

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File URL: http://hdl.handle.net/10.1007/s11750-011-0239-z
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Article provided by Springer & Sociedad de Estadística e Investigación Operativa in its journal TOP.

Volume (Year): 22 (2014)
Issue (Month): 1 (April)
Pages: 128-143

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Handle: RePEc:spr:topjnl:v:22:y:2014:i:1:p:128-143
DOI: 10.1007/s11750-011-0239-z
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  1. Fudenberg, Drew & Tirole, Jean, 1991. "Perfect Bayesian equilibrium and sequential equilibrium," Journal of Economic Theory, Elsevier, vol. 53(2), pages 236-260, April.
  2. Erzo G. J. Luttmer & Thomas Mariotti, 2003. "The Existence of Subgame-Perfect Equilibrium in Continuous Games with Almost Perfect Information: A Comment," Econometrica, Econometric Society, vol. 71(6), pages 1909-1911, November.
  3. Alós-Ferrer, Carlos & Ritzberger, Klaus, 2008. "Trees and extensive forms," Journal of Economic Theory, Elsevier, vol. 143(1), pages 216-250, November.
  4. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  5. Battigalli, Pierpaolo, 1996. "Strategic Independence and Perfect Bayesian Equilibria," Journal of Economic Theory, Elsevier, vol. 70(1), pages 201-234, July.
  6. Harris, Christopher J. & Stinchcombe, Maxwell B. & Zame, William R., 2005. "Nearly compact and continuous normal form games: characterizations and equilibrium existence," Games and Economic Behavior, Elsevier, vol. 50(2), pages 208-224, February.
  7. Harris, Christopher J, 1985. "Existence and Characterization of Perfect Equilibrium in Games of Perfect Information," Econometrica, Econometric Society, vol. 53(3), pages 613-628, May.
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