David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
Learn more about PhilPapers
Theory and Decision 44 (1):1-36 (1998)
The order of stages in a multistage game is often interpreted by looking at earlier stages as involving more long term decisions. For the purpose of making this interpretation precise, the notion of a delay supergame of a bounded multistage game is introduced. A multistage game is bounded if the length of play has an upper bound. A delay supergame is played over many periods. Decisions on all stages are made simultaneously, but with different delays until they become effective. The earlier the stage the longer the delay. A subgame perfect equilibrium of a bounded multistage game generates a subgame perfect equilibrium in every one of its delay supergames. This is the first main conclusion of the paper. A subgame perfect equilibrium set is a set of subgame perfect equilibria all of which yield the same payoffs, not only in the game as a whole, but also in each of its subgames. The second xmain conclusion concerns multistage games with a unique subgame perfect equilibrium set and their delay supergames which are bounded in the sense that the number of periods is finite. If a bounded multistage game has a unique subgame perfect equilibrium set, then the same is true for every one of its bounded delay supergames. Finally the descriptive relevance of multistage game models and their subgame perfect equilibria is discussed in the light of the results obtained
|Keywords||Economics / Management Science Economics/Management Science, general Operation Research/Decision Theory Methodology of the Social Sciences|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Gian Aldo Antonelli & Cristina Bicchieri (1995). Game-Theoretic Axioms for Local Rationality and Bounded Knowledge. Journal of Logic, Language and Information 4 (2):145-167.
Vincent J. Vannetelbosch (1999). Alternating-Offer Bargaining and Common Knowledge of Rationality. Theory and Decision 47 (2):111-138.
Philip J. Reny (1988). Common Knowledge and Games with Perfect Information. PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association 1988:363 - 369.
Boudewijn de Bruin (2008). Common Knowledge of Rationality in Extensive Games. Notre Dame Journal of Formal Logic 49 (3):261-280.
Cristina Bicchieri & Gian Aldo Antonelli (1995). Game-Theoretic Axioms for Local Rationality and Bounded Knowledge. Journal of Logic, Language and Information 4 (2):145-167.
Colin F. Camerer (2003). Behavioral Game Theory: Plausible Formal Models That Predict Accurately. Behavioral and Brain Sciences 26 (2):157-158.
Robert C. Robinson (2006). Bounded Epistemology. Ssrn Elibrary.
Giacomo Bonanno & Klaus Nehring (1998). On Stalnaker's Notion of Strong Rationalizability and Nash Equilibrium in Perfect Information Games. Theory and Decision 45 (3):291-295.
Brian D. Josephson & H. M. Hauser (1981). Multistage Acquisition of Intelligent Behaviour. Kybernetes 10:11–15.
Yanis Varoufakis (1993). Modern and Postmodern Challenges to Game Theory. Erkenntnis 38 (3):371 - 404.
Cristina Bicchieri (1988). Backward Induction Without Common Knowledge. PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association 1988:329 - 343.
Brian Skyrms (2002). Signals, Evolution and the Explanatory Power of Transient Information. Philosophy of Science 69 (3):407-428.
Added to index2010-09-02
Total downloads11 ( #308,208 of 1,796,321 )
Recent downloads (6 months)8 ( #97,741 of 1,796,321 )
How can I increase my downloads?