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EnglishIn this paper we analyze two nested iterative solution procedures for infinite, dynamic games of incomplete information. These procedures do not rely on the specification of a type space à la Harsanyi. Weak rationalizability is characterized by common certainty of rationality at the beginning of the game. Strong rationalizability also incorporates a notion of forward induction. The solutions may take as given some exogenous restrictions on players' conditional beliefs. In dynamic games, strong rationalizability is a refinement of weak rationalizability. Existence, regularity properties, and equivalence with the set of iteratively interim undominated strategies are proved under standard assumptions. The analysis mainly focus on two-player games with observable actions, but we show how to extend it to n-player games with imperfectly observable actions. Finally, we briefly survey some applications of the proposed approach.
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| Titolo: | Rationalizability in infinite dynamic games with incomplete information | |
| Data di pubblicazione: | 2003 | |
| Autori: | ||
| Autori: | Battigalli, Pierpaolo | |
| Rivista: | RESEARCH IN ECONOMICS | |
| Abstract: | In this paper we analyze two nested iterative solution procedures for infinite, dynamic games of incomplete information. These procedures do not rely on the specification of a type space à la Harsanyi. Weak rationalizability is characterized by common certainty of rationality at the beginning of the game. Strong rationalizability also incorporates a notion of forward induction. The solutions may take as given some exogenous restrictions on players' conditional beliefs. In dynamic games, strong rationalizability is a refinement of weak rationalizability. Existence, regularity properties, and equivalence with the set of iteratively interim undominated strategies are proved under standard assumptions. The analysis mainly focus on two-player games with observable actions, but we show how to extend it to n-player games with imperfectly observable actions. Finally, we briefly survey some applications of the proposed approach. | |
| Appare nelle tipologie: | 01 - Article in academic journal / Articolo su rivista scientifica |
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