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Proper Consistency

  • Geir B. Asheim

    (University of Oslo)

Proper consistency is defined by the properties that each player takes all opponent strategies into account (is cautious) and deems one opponent strategy to be infinitely more likely than another if the opponent prefers the one to the other (respects preferences). When there is common certain belief of proper consistency, a most preferred strategy is properly rationalizable. Any strategy used with positive probability in a proper equilibrium is properly rationalizable. Only strategies that lead to the backward induction outcome is properly rationalizable in the strategic form of a generic perfect information game. Proper rationalizability can be used to test the robustness of inductive procedures.

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Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 0193.

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Date of creation: 01 Aug 2000
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Handle: RePEc:ecm:wc2000:0193
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  1. P. Battigalli & M. Siniscalchi, 1999. "Interactive Beliefs and Forward Induction," Princeton Economic Theory Papers 99f3, Economics Department, Princeton University.
  2. E. Dekel & D. Fudenberg, 2010. "Rational Behavior with Payoff Uncertainty," Levine's Working Paper Archive 379, David K. Levine.
  3. Stalnaker, Robert, 1998. "Belief revision in games: forward and backward induction1," Mathematical Social Sciences, Elsevier, vol. 36(1), pages 31-56, July.
  4. Asheim, Geir B. & Dufwenberg, Martin, 2003. "Admissibility and common belief," Games and Economic Behavior, Elsevier, vol. 42(2), pages 208-234, February.
  5. Brandenburger Adam & Dekel Eddie, 1993. "Hierarchies of Beliefs and Common Knowledge," Journal of Economic Theory, Elsevier, vol. 59(1), pages 189-198, February.
  6. Mailath, G.J. & Samuelson, L. & Swinkels, J., 1990. "Extensive Form Reasoning In Normal Form Games," Papers 1-90-1, Pennsylvania State - Department of Economics.
  7. Rubinstein, Ariel, 1991. "Comments on the Interpretation of Game Theory," Econometrica, Econometric Society, vol. 59(4), pages 909-24, July.
  8. Aumann, Robert J., 1995. "Backward induction and common knowledge of rationality," Games and Economic Behavior, Elsevier, vol. 8(1), pages 6-19.
  9. HERINGS, P. Jean-Jacques & ANNETELBOSCH, Vincent J., . "Refinements of rationalizability for normal-form games," CORE Discussion Papers RP -1378, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Choice under Uncertainty," Econometrica, Econometric Society, vol. 59(1), pages 61-79, January.
  11. Epstein, Larry G & Wang, Tan, 1996. ""Beliefs about Beliefs" without Probabilities," Econometrica, Econometric Society, vol. 64(6), pages 1343-73, November.
  12. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Equilibrium Refinements," Econometrica, Econometric Society, vol. 59(1), pages 81-98, January.
  13. T. Börgers, 2010. "Weak Dominance and Approximate Common Knowledge," Levine's Working Paper Archive 378, David K. Levine.
  14. Epstein, Larry G., 1997. "Preference, Rationalizability and Equilibrium," Journal of Economic Theory, Elsevier, vol. 73(1), pages 1-29, March.
  15. Asheim,G.B., 1999. "On the epistemic foundation for backward induction," Memorandum 30/1999, Oslo University, Department of Economics.
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