Respect for public preferences and iterated backward inference
|Abstract||An important approach to game theory is to examine the consequences of beliefs that rational agents may have about each other. This paper considers respect for public preferences. Consider an agent A who believes that B strictly prefers an option a to an option b. Then A respects B’s preference if A considers the choice of a “infinitely more likely” than the choice of B; equivalently, if A assigns probability 1 to the choice of a given that B chooses a or b. Respect for public preferences requires that if it is common belief that B prefers a to b, then it is common belief that all other agents respect that preference. Along the lines of Blume, Brandenburger and Dekel  and Asheim , I treat respect for public preferences as a constraint on lexicographic probability systems. The main result is that if respect for public preferences and perfect recall obtains, then players choose in accordance with Iterated Backward Inference. Iterated Backward Inference is a procedure that generalizes standard backward induction reasoning for games of both perfect and imperfect information. From Asheim’s characterization of proper rationalizability  it follows that properly rationalizable strategies are consistent with respect for public preferences; hence strategies eliminated by Iterated Backward Inference are not properly rationalizable.|
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
|External links||This entry has no external links. Add one.|
|Through your library||Only published papers are available at libraries|
Similar books and articles
Wlodek Rabinowicz (2001). A Centipede for Intransitive Preferrers. Studia Logica 67 (2):167-178.
John K. Davis (2004). Precedent Autonomy and Subsequent Consent. Ethical Theory and Moral Practice 7 (3):267-291.
D. M. Hausman (2011). Mistakes About Preferences in the Social Sciences. Philosophy of the Social Sciences 41 (1):3-25.
Franz Dietrich & Christian List (2013). Where Do Preferences Come From? International Journal of Game Theory 42 (3):613-637.
Margaret P. Gilbert (2001). Collective Preferences, Obligations, and Rational Choice. Economics and Philosophy 17 (1):109-119.
Oliver Schulte (1996). Common Reasoning About Admissibility. Erkenntnis 45 (2/3):299 - 325.
Cristina Bicchieri & Oliver Schulte (1996). Common Reasoning About Admissibility. Erkenntnis 45 (2-3):299 - 325.
Wlodek Rabinowicz (1995). To Have One's Cake and Eat It, Too: Sequential Choice and Expected-Utility Violations. Journal of Philosophy 92 (11):586-620.
Sorry, there are not enough data points to plot this chart.
Added to index2009-01-28
Recent downloads (6 months)0
How can I increase my downloads?