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Preparation and toolkit learning

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  • Voorneveld, Mark

    () (Dept. of Economics, Stockholm School of Economics)

Abstract

A product set of pure strategies is a prep set ("prep" is short for "preparation") if it contains at least one best reply to any consistent belief that a player may have about the strategic behavior of his opponents. Minimal prep sets are shown to exists in a class of strategic games satisfying minor topological conditions. The concept of minimal prep sets is compared with (pure and mixed) Nash equilibria, minimal curb sets, and rationalizability. Additional dynamic motivation for the concept is provided by a model of adaptive play that is shown to settle down in minimal prep sets.

Suggested Citation

  • Voorneveld, Mark, 2002. "Preparation and toolkit learning," SSE/EFI Working Paper Series in Economics and Finance 485, Stockholm School of Economics.
  • Handle: RePEc:hhs:hastef:0485
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    File URL: http://swopec.hhs.se/hastef/papers/hastef0485.pdf
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    References listed on IDEAS

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    1. Martin Dufwenberg & Henk Norde & Hans Reijnierse & Stef Tijs, 2001. "The consistency principle for set-valued solutions and a new direction for normative game theory," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 54(1), pages 119-131, October.
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    3. Peleg, Bezalel & Potters, Jos A M & Tijs, Stef H, 1996. "Minimality of Consistent Solutions for Strategic Games, in Particular for Potential Games," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 81-93, January.
    4. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-1050, July.
    5. Peleg, Bezalel & Tijs, Stef, 1996. "The Consistency Principle for Games in Strategic Forms," International Journal of Game Theory, Springer;Game Theory Society, vol. 25(1), pages 13-34.
    6. Vega-Redondo, Fernando, 1993. "Simple and Inertial Behavior: An Optimizing Decision Model with Imprecise Perceptions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(1), pages 87-98, January.
    7. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
    8. Matsui, Akihiko, 1992. "Best response dynamics and socially stable strategies," Journal of Economic Theory, Elsevier, vol. 57(2), pages 343-362, August.
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    More about this item

    Keywords

    noncooperative games; inertia; status quo bias; adaptive play; procedural rationality;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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