"Beliefs about Beliefs" without Probabilities

Larry Epstein and Tan Wang

Econometrica, 1996, vol. 64, issue 6, 1343-73

Abstract: This paper constructs a space of states of the world representing the exhaustive uncertainty facing each player in a strategic situation. The innovation is that preferences are restricted primarily by 'regularity' conditions and need not conform with subjective expected utility theory. The construction employs a hierarchy of preferences, rather than of beliefs as in the standard Bayesian model. Applications include the provision of foundations for a Harsanyi-style game of incomplete information and a rich framework for the axiomatization of solution concepts for complete information normal form games. Copyright 1996 by The Econometric Society.

Date: 1996
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