The algebraic geometry of perfect and sequential equilibrium: an extension

Xiao Luo, Xuewen Qian () and Yang Sun ()
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Xuewen Qian: University of Nottingham Ningbo
Yang Sun: Sichuan University

Economic Theory, 2021, vol. 71, issue 2, No 8, 579-601

Abstract: Abstract We extend the generic equivalence result of Blume and Zame (Econometrica 62:783–794, 1994) to a broader context of perfectly and sequentially rational strategic behavior (including equilibrium and nonequilibrium behavior) through a unifying solution concept of “mutually acceptable course of action” (MACA) proposed by Greenberg et al. (Econ Theory 40:91–112, 2009. https://doi.org/10.1007/s00199-008-0349-5 ). As a by-product, we show, in the affirmative, Dekel et al.’s (J Econ Theory 89:165–185, 1999) conjecture on the generic equivalence between the sequential and perfect versions of rationalizable self-confirming equilibrium.

Keywords: Extensive forms; Generic payoffs; Perfect rationality; Sequential rationality; MACA; Semi-algebraic sets (search for similar items in EconPapers)
JEL-codes: C70 C72 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s00199-020-01259-z

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