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A characterization of quasi-perfect equilibria

Nicola Gatti, Mario Gilli () and Alberto Marchesi

Games and Economic Behavior, 2020, vol. 122, issue C, 240-255

Abstract: We provide a characterization of quasi-perfect equilibria in n-player games, showing that any quasi-perfect equilibrium can be obtained as limit point of a sequence of Nash equilibria of a certain class of perturbed games in sequence form, and any limit point of a sequence of Nash equilibria of these perturbed games is a quasi-perfect equilibrium. We prove that, in games with three or more players, we need trembles defined as rational functions of the perturbation magnitude ε, whereas, in two-player games with nature, trembles expressed in terms of polynomial functions of ε suffice. Exploiting the relationship between sequence form and extensive form, we also provide a similar characterization in terms of perturbed games in extensive form, though not compliant with Selten's definition of perturbed game.

Keywords: Quasi-perfect equilibrium; Characterization; Trembles; Games in sequence form (search for similar items in EconPapers)
JEL-codes: C61 C63 C72 (search for similar items in EconPapers)
Date: 2020
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Working Paper: On the characterization of quasi-perfect equilibria (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:122:y:2020:i:c:p:240-255

DOI: 10.1016/j.geb.2020.04.012

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