On the notion of perfect Bayesian equilibrium
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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Volume (Year): 22 (2014)
Issue (Month): 1 (April)
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References listed on IDEAS
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- Fudenberg, Drew & Tirole, Jean, 1991. "Perfect Bayesian equilibrium and sequential equilibrium," Journal of Economic Theory, Elsevier, vol. 53(2), pages 236-260, April.
- 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.
- Alós-Ferrer, Carlos & Ritzberger, Klaus, 2008.
"Trees and extensive forms,"
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- Carlos Alós-Ferrer & Klaus Ritzberger, 2005. "Trees and Extensive Forms," Vienna Economics Papers 0506, University of Vienna, Department of Economics.
- Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
- Battigalli, Pierpaolo, 1996. "Strategic Independence and Perfect Bayesian Equilibria," Journal of Economic Theory, Elsevier, vol. 70(1), pages 201-234, July.
- 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.
- 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. Full references (including those not matched with items on IDEAS)
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