Admissibility and assumption

Byung Soo Lee

Journal of Economic Theory, 2016, vol. 163, issue C, 42-72

Abstract: Brandenburger et al. (2008) defined the epistemic condition rationality and common assumption of rationality (RCAR) in lexicographic type structures. We define RCAR in the space of coherent lexicographic belief hierarchies and show that it is an epistemic condition for iterated admissibility. We also show that some coherent lexicographic belief hierarchies cannot be represented as types in lexicographic type structures. An advantage of this approach is that RCAR is possible in a canonical hierarchy space.

Keywords: Lexicographic probability system; Higher-order beliefs; Coherence; Iterated admissibility; Epistemic game theory (search for similar items in EconPapers)
JEL-codes: C72 D80 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:163:y:2016:i:c:p:42-72

DOI: 10.1016/j.jet.2016.01.006

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