UNIVERSALLY RATIONAL BELIEF HIERARCHIES

Elias Tsakas ()
Additional contact information
Elias Tsakas: Department of Economics, Maastricht University, P.O. Box 616, 6200 MD Maastricht, The Netherlands

International Game Theory Review (IGTR), 2014, vol. 16, issue 01, 1-12

Abstract: In a recent paper, Tsakas [2013Rational belief hierarchies, Journal of Mathematical Economics, Maastricht University] introduced the notion of rational beliefs. These are Borel probability measures that assign a rational probability to every Borel event. Then, he constructed the corresponding Harsanyi type space model that represents the rational belief hierarchies. As he showed, there are rational types that are associated with a non-rational probability measure over the product of the underlying space of uncertainty and the opponent's types. In this paper, we define the universally rational belief hierarchies, as those that do not exhibit this property. Then, we characterize them in terms of a natural restriction imposed directly on the belief hierarchies.

Keywords: Epistemic game theory; rational numbers; belief hierarchies; type spaces; C72; D83 (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 D5 D7 M2 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0219198914400039
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:igtrxx:v:16:y:2014:i:01:n:s0219198914400039

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0219198914400039

Access Statistics for this article

International Game Theory Review (IGTR) is currently edited by David W K Yeung

More articles in International Game Theory Review (IGTR) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().