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Axiomatic Theory of Equilibrium Selection in Signaling Games with Generic Payoffs

  • Govindan, Srihari

    (U of Iowa)

  • Wilson, Robert B.

    (Stanford U)

Three axioms from decision theory select sets of Nash equilibria of signaling games in extensive form with generic payoffs. The axioms require undominated strategies (admissibility), inclusion of a sequential equilibrium (backward induction), and dependence only on the game's normal form even when embedded in a larger game with redundant strategies or irrelevant players (small worlds). The axioms are satisfied by a set that is stable (Mertens, 1989) and conversely the axioms imply that each selected set is stable and thus an essential component of admissible equilibria with the same outcome.

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Paper provided by Stanford University, Graduate School of Business in its series Research Papers with number 2000.

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Date of creation: Sep 2008
Date of revision:
Handle: RePEc:ecl:stabus:2000
Contact details of provider: Postal: Stanford University, Stanford, CA 94305-5015
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  1. Srihari Govindan & Robert Wilson, 2006. "Metastable Equilibria," Levine's Bibliography 122247000000001211, UCLA Department of Economics.
  2. In-Koo Cho & David M. Kreps, 1997. "Signaling Games and Stable Equilibria," Levine's Working Paper Archive 896, David K. Levine.
  3. MERTENS, Jean-François, 1990. "The "small worlds" axiom for stable equilibria," CORE Discussion Papers 1990007, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Wilson, Robert B. & Govindan, Srihari, 2007. "On Forward Induction," Research Papers 1955, Stanford University, Graduate School of Business.
  5. Srihari Govindan & Robert Wilson, 2006. "Sufficient Conditions for Stable Equilibria," Levine's Bibliography 784828000000000267, UCLA Department of Economics.
  6. GOVINDAN, Srihari & MERTENS, Jean-François, . "An equivalent definition of stable equilibria," CORE Discussion Papers RP 1737, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Donald A. Walker (ed.), 2000. "Equilibrium," Books, Edward Elgar, volume 0, number 1585, March.
  8. Kohlberg, Elon & Reny, Philip J., 1997. "Independence on Relative Probability Spaces and Consistent Assessments in Game Trees," Journal of Economic Theory, Elsevier, vol. 75(2), pages 280-313, August.
  9. KOHLBERG, Elon & MERTENS, Jean-François, . "On the strategic stability of equilibria," CORE Discussion Papers RP 716, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Banks, Jeffrey S & Sobel, Joel, 1987. "Equilibrium Selection in Signaling Games," Econometrica, Econometric Society, vol. 55(3), pages 647-61, May.
  11. Srihari Govindan & Tilman Klumpp, 2003. "Perfect equilibrium and lexicographic beliefs," International Journal of Game Theory, Springer, vol. 31(2), pages 229-243.
  12. Cho, In-Koo & Sobel, Joel, 1990. "Strategic stability and uniqueness in signaling games," Journal of Economic Theory, Elsevier, vol. 50(2), pages 381-413, April.
  13. Ying Chen & Navin Kartik & Joel Sobel, 2008. "Selecting Cheap-Talk Equilibria," Econometrica, Econometric Society, vol. 76(1), pages 117-136, 01.
  14. Mertens, J.-F., 1988. "Stable equilibria - a reformulation," CORE Discussion Papers 1988038, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Govindan, Srihari & Wilson, Robert, 2001. "Direct Proofs of Generic Finiteness of Nash Equilibrium Outcomes," Econometrica, Econometric Society, vol. 69(3), pages 765-69, May.
  16. Srihari Govindan & Robert Wilson, 2006. "Essential Equilibria," Levine's Bibliography 122247000000001035, UCLA Department of Economics.
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