Lexicographic Probabilities and Equilibrium Refinements

Lawrence Blume (), Adam Brandenburger and Eddie Dekel ()

Econometrica, 1991, vol. 59, issue 1, pages 81-98

Abstract: This paper develops a decision-theoretic approach to normal-form refinements of Nash equilibrium and provides characterizations of (normal-form) perfect equilibrium and proper equilibrium. The approach relies on a theory of single-person decision-making that is a non-Archimedean version of subjective expected utility theory. Copyright 1991 by The Econometric Society.

Date: 1991
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