Robust Rationalizability Under Almost Common Certainty of Payoff

Stephen Morris, Satoru Takahashi and Olivier Tercieux ()
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Olivier Tercieux: PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: An action is robustly rationalizable if it is rationalizable for every type who has almost common certainty of payoffs. We illustrate by means of an example that an action may not be robustly rationalizable even if it is weakly dominant, and argue that robust rationalizability is a very stringent refinement of rationalizability. Nonetheless, we show that every strictly rationalizable action is robustly rationalizable. We also investigate how permissive robust rationalizability becomes if we require that players be fully certain of their own payoffs.

Date: 2012-03
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Citations: View citations in EconPapers (2)

Published in Japanese Economic Review, 2012, 63 (1), pp.57-67. ⟨10.1111/j.1468-5876.2011.00553.x⟩

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Related works:
Journal Article: ROBUST RATIONALIZABILITY UNDER ALMOST COMMON CERTAINTY OF PAYOFFS (2012)
Working Paper: Robust Rationalizability Under Almost Common Certainty of Payoff (2012)
Working Paper: Robust Rationalizability under Almost Common Certainty of Payoffs (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-00813054

DOI: 10.1111/j.1468-5876.2011.00553.x

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