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Foundations of Strategic Equilibrium

  • John Hillas

    (SUNY at Stony Brook)

  • Elon Kohlberg

    (Harvard)

Registered author(s):

    The central concept of noncooperative game theory is that of the \emph{strategic equilibrium} (or Nash equilibrium, or noncooperative equilibrium). In this chapter we discuss some of the conceptual issues surrounding this concept and its refinements. Many of these issues have received increasing attention in the last few years. We are not at all comprehensive in covering the approaches that have been taken to the question. In particular, we focus almost exclusively on the ``purely rational'' approach and say almost nothing about other approaches. We do survey some of the issues and approaches that do not fit neatly into the core of our argument in the final section.

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    Paper provided by EconWPA in its series Game Theory and Information with number 9606002.

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    Length: 2 pages
    Date of creation: 30 Jun 1996
    Date of revision: 18 Sep 1996
    Handle: RePEc:wpa:wuwpga:9606002
    Note: Type of Document - AMS LaTeX; prepared on IBM PC - emTEX ; to print on HP/PostScript; pages: 2 + 63; figures: included . Prepared for the \emph{Handbook of Game Theory with Economic Applications} edited by Robert J. Aumann and Sergiu Hart. Comments still welcomed by the authors, perhaps not by the editors. Postscript file redone embedding type 1 versions of the fonts, in the hope that a dpf file will be generated and the postsctipt file made directly available.
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    1. In-Koo Cho & David M. Kreps, 1997. "Signaling Games and Stable Equilibria," Levine's Working Paper Archive 896, David K. Levine.
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    3. Battigalli, Pierpaolo, 1997. "On Rationalizability in Extensive Games," Journal of Economic Theory, Elsevier, vol. 74(1), pages 40-61, May.
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    6. Robert Aumann & Adam Brandenburger, 2014. "Epistemic Conditions for Nash Equilibrium," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 5, pages 113-136 World Scientific Publishing Co. Pte. Ltd..
    7. Mailath, G.J. & Samuelson, L. & Swinkels, J., 1990. "Extensive Form Reasoning In Normal Form Games," Papers 1-90-1, Pennsylvania State - Department of Economics.
    8. Adam Brandenburger, 1992. "Knowledge and Equilibrium in Games," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 83-101, Fall.
    9. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 661465000000000381, David K. Levine.
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    11. Jean-François Mertens, 2004. "Ordinality in non cooperative games," International Journal of Game Theory, Springer, vol. 32(3), pages 387-430, 06.
    12. Van Damme, Eric, 2002. "Strategic equilibrium," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 41, pages 1521-1596 Elsevier.
    13. Basu, Kaushik, 1988. "Strategic irrationality in extensive games," Mathematical Social Sciences, Elsevier, vol. 15(3), pages 247-260, June.
    14. Basu, Kaushik, 1990. "On the Non-existence of a Rationality Definition for Extensive Games," International Journal of Game Theory, Springer, vol. 19(1), pages 33-44.
    15. Binmore, Ken, 1987. "Modeling Rational Players: Part I," Economics and Philosophy, Cambridge University Press, vol. 3(02), pages 179-214, October.
    16. FORGES, Françoise, . "Universal mechanisms," CORE Discussion Papers RP 914, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    17. Battigalli, Pierpaolo, 1996. "Strategic Independence and Perfect Bayesian Equilibria," Journal of Economic Theory, Elsevier, vol. 70(1), pages 201-234, July.
    18. Brandenburger, Adam & Dekel, Eddie, 1987. "Rationalizability and Correlated Equilibria," Econometrica, Econometric Society, vol. 55(6), pages 1391-1402, November.
    19. Aumann, Robert J. & Sorin, Sylvain, 1989. "Cooperation and bounded recall," Games and Economic Behavior, Elsevier, vol. 1(1), pages 5-39, March.
    20. R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
    21. Aumann, Robert J., 1995. "Backward induction and common knowledge of rationality," Games and Economic Behavior, Elsevier, vol. 8(1), pages 6-19.
    22. Ben-Porath, Elchanan & Dekel, Eddie, 1992. "Signaling future actions and the potential for sacrifice," Journal of Economic Theory, Elsevier, vol. 57(1), pages 36-51.
    23. Hart, Sergiu, 1992. "Games in extensive and strategic forms," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 2, pages 19-40 Elsevier.
    24. Elmes Susan & Reny Philip J., 1994. "On the Strategic Equivalence of Extensive Form Games," Journal of Economic Theory, Elsevier, vol. 62(1), pages 1-23, February.
    25. Cho, In-Koo & Sobel, Joel, 1990. "Strategic stability and uniqueness in signaling games," Journal of Economic Theory, Elsevier, vol. 50(2), pages 381-413, April.
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    28. John Hillas, 1996. "On the Relation Between Perfect Equilibria in Extensive Form Games and Proper Equilibria in Normal Form Games," Game Theory and Information 9605002, EconWPA, revised 14 May 1996.
    29. Lawrence Blume & Adam Brandenburger & Eddie Dekel, 2014. "Lexicographic Probabilities and Choice Under Uncertainty," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 6, pages 137-160 World Scientific Publishing Co. Pte. Ltd..
    30. Banks, Jeffrey S & Sobel, Joel, 1987. "Equilibrium Selection in Signaling Games," Econometrica, Econometric Society, vol. 55(3), pages 647-61, May.
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    32. Bernheim, B Douglas, 1986. " Axiomatic Characterizations of Rational Choice in Strategic Environme nts," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(3), pages 473-88.
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    34. repec:nys:sunysb:91-24 is not listed on IDEAS
    35. GOVINDAN, Srihari, 1992. "Stability and the chain store paradox," CORE Discussion Papers 1992004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    36. Lawrence E. Blume & William R. Zame, 1993. "The Algebraic Geometry of Perfect and Sequential Equilibrium," Game Theory and Information 9309001, EconWPA.
    37. John Hillas & Dries Vermeulen & Mathijs Jansen, 1996. "On the Finiteness of Stable Sets," Game Theory and Information 9605003, EconWPA, revised 15 Jun 1996.
    38. Battigalli, Pierpaolo, 1996. "Strategic Rationality Orderings and the Best Rationalization Principle," Games and Economic Behavior, Elsevier, vol. 13(2), pages 178-200, April.
    39. Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie, 1991. "Lexicographic Probabilities and Equilibrium Refinements," Econometrica, Econometric Society, vol. 59(1), pages 81-98, January.
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