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Self-Confirming Equilibrium

Author

Listed:
  • Fudenberg, D.
  • Levine, D.K.

Abstract

In a self-confining equilibrium, each player's strategy is a best response to his beliefs about the play of his opponents and each player's beliefs are correct along the equilibrium path of play. Thus, if a self-confirming equilibrium occurs repeatedly, no player ever observes play that contradicts his beliefs, even though beliefs about play at off-path information sets need not be correct. The authors characterize the ways in which self-confirming equilibria and Nash equilibria can differ and provide conditions under which self-confirming equilibria correspond to standard solution concepts. Copyright 1993 by The Econometric Society.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Fudenberg, D. & Levine, D.K., 1991. "Self-Confirming Equilibrium ," Working papers 581, Massachusetts Institute of Technology (MIT), Department of Economics.
  • Handle: RePEc:mit:worpap:581
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    Keywords

    economic equilibrium ; game theory;

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