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p-Best response set

Author

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  • Olivier Tercieux

    (PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper introduces a notion of p-best response set (p-BR). We build on this notion in order to provide a new set-valued concept: the minimal p-best response set (p-MBR). After proving general existence results of the p-MBR, we show that it characterizes set-valued stability concepts in a dynamic with Poisson revision opportunities borrowed from Matsui and Matsuyama [An approach to equilibrium selection, J. Econ. Theory 65 (1995) 415-434.] Then, we study equilibrium selection. In particular, using our notion of p-BR, we generalize Morris et al. [p-Dominance and belief potential, Econometrica 63 (1995) 145-157.] that aimed to provide sufficient conditions under which a unique equilibrium is selected in the presence of higher order uncertainty.

Suggested Citation

  • Olivier Tercieux, 2006. "p-Best response set," Post-Print halshs-00754120, HAL.
  • Handle: RePEc:hal:journl:halshs-00754120
    DOI: 10.1016/j.jet.2005.06.001
    Note: View the original document on HAL open archive server: https://hal-pjse.archives-ouvertes.fr/halshs-00754120
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    References listed on IDEAS

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    1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, February.
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