AGM-consistency and perfect Bayesian equilibrium. Part I: definition and properties

Giacomo Bonanno ()

International Journal of Game Theory, 2013, vol. 42, issue 3, 567-592

Abstract: We provide a general notion of perfect Bayesian equilibrium which can be applied to arbitrary extensive-form games and is intermediate between subgame-perfect equilibrium and sequential equilibrium. The essential ingredient of the proposed definition is the qualitative notion of AGM-consistency, which has an epistemic justification based on the theory of belief revision introduced by Alchourrón, Gärdenfors and Makinson. AGM-consistency is a generalization of the notion of consistency introduced by Kreps and Wilson as part of the definition of sequential equilibrium. Copyright Springer-Verlag 2013

Keywords: Belief revision; Plausibility order; Consistency; Subgame-perfect equilibrium; Sequential equilibrium; Bayesian updating (search for similar items in EconPapers)
Date: 2013
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Working Paper: AGM-consistency and perfect Bayesian equilibrium. Part I: definition and properties (2010)
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DOI: 10.1007/s00182-011-0296-4

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