Concisely Specifying Choices in an Outcome-Set Form

Peter Streufert

No 20152, University of Western Ontario, Departmental Research Report Series from University of Western Ontario, Department of Economics

Abstract: Von Neumann and Morgenstern (1944) specify both nodes and choices as sets of outcomes. This outcome-set formulation is extended to the infinite horizon by the discrete extensive forms of Alos-Ferrer and Ritzberger (2013). I propose to restrict such outcome-set forms with a new assumption called "conciseness". Conciseness requires that choices be defined in an economical fashion. I find broad classes of infinite-horizon forms that violate conciseness. Yet, I show that every outcome-set form can be equivalently re-defined so as to satisfy conciseness. Thus the assumption of conciseness can increase mathematical tractability at no cost to game theorists.

Date: 2015
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