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P-Stable Equilibrium : Definition and Some Properties

Author

Listed:
  • Desgranges, Gabriel

    (Université de Cergy-Pontoise)

  • Ghosal, Sayantan

    (University of Warwick)

Abstract

We define a continuous index of strategic stability,p.stability, which requires equilibrium to be the unique outcome compatible with common knowledge of rationality and common knowledge of p.beliefs (beliefs that put probability at least p on the equilibrium profile). We show that every equilibrium (within a large class) is p-stable for some p

Suggested Citation

  • Desgranges, Gabriel & Ghosal, Sayantan, 2010. "P-Stable Equilibrium : Definition and Some Properties," The Warwick Economics Research Paper Series (TWERPS) 952, University of Warwick, Department of Economics.
  • Handle: RePEc:wrk:warwec:952
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2010/twerp_952.pdf
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    Cited by:

    1. Desgranges, Gabriel & Gauthier, Stéphane, 2016. "Rationalizability and efficiency in an asymmetric Cournot oligopoly," International Journal of Industrial Organization, Elsevier, vol. 44(C), pages 163-176.
    2. George W. Evans & Roger Guesnerie & Bruce Mcgough, 2010. "Eductive stability in real business cycle models," PSE Working Papers halshs-00565011, HAL.

    More about this item

    Keywords

    common knowledge ; strategic uncertainty ; rationalizability. JEL Classification: C70 ; D84;

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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