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Bayesian and Consistent Assessments

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  • Carlos Pimienta

    () (School of Economics, The University of New South Wales)

Abstract

In a Bayesian assessment beliefs are computed from the strategy profile following Bayes’ rule at positive probability information sets and for every subgame. We characterize the set of extensive-forms (extensive-form games without a payoff assignment) for which the sets of Bayesian assessments and consistent assessments coincide. In doing so we disentangle the different restrictions imposed by consistency across information sets.

Suggested Citation

  • Carlos Pimienta, 2009. "Bayesian and Consistent Assessments," Discussion Papers 2009-13, School of Economics, The University of New South Wales.
  • Handle: RePEc:swe:wpaper:2009-13
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    File URL: http://research.economics.unsw.edu.au/RePEc/papers/2009-13.pdf
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    References listed on IDEAS

    as
    1. Ritzberger, Klaus, 2002. "Foundations of Non-Cooperative Game Theory," OUP Catalogue, Oxford University Press, number 9780199247868.
    2. Fudenberg, Drew & Tirole, Jean, 1991. "Perfect Bayesian equilibrium and sequential equilibrium," Journal of Economic Theory, Elsevier, vol. 53(2), pages 236-260, April.
    3. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-894, July.
    4. Perea y Monsuwe, Andres & Jansen, Mathijs & Peters, Hans, 1997. "Characterization of Consistent Assessments in Extensive Form Games," Games and Economic Behavior, Elsevier, vol. 21(1-2), pages 238-252, October.
    5. Carlos Alós-Ferrer & Klaus Ritzberger, 2013. "Large extensive form games," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 75-102, January.
    6. Hillas, John, 1990. "On the Definition of the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 58(6), pages 1365-1390, November.
    7. 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.
    8. Perea, Andres, 2002. "A note on the one-deviation property in extensive form games," Games and Economic Behavior, Elsevier, vol. 40(2), pages 322-338, August.
    9. Battigalli, Pierpaolo, 1996. "Strategic Independence and Perfect Bayesian Equilibria," Journal of Economic Theory, Elsevier, vol. 70(1), pages 201-234, July.
    10. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-1037, September.
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    More about this item

    Keywords

    Backwards induction; Bayesian assessments; Consistent assessments; Sequential equilibrium; Extensive-forms;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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