Counterfactuals, Belief Changes, and Equilibrium Refinements

Philosophical Topics 21 (1):21-52 (1993)
It is usually assumed in game theory that agents who interact strategically with each other are rational, know the strategies open to other agents as well as their payoffs and, moreover, have common knowledge of all the above. In some games, that much information is sufficient for the players to identify a "solution" and play it. The most commonly adopted solution concept is that of Nash equilibrium. A Nash equilibrium is defined a combination of strategies, one for each player, such that no player can profit from a deviation from his strategy if the opponents stick to their strategies. Nash equilibrium is taken to have predictive power, in the sense that in order to predict how rational agents will in fact behave, it is enough to identify the equilibrium patterns of actions. Barring the case in which players have dominant strategies, to play her part in a Nash equilibrium a player must believe that the other players play their part, too. But an intelligent player must immediately realize that she has no ground for this belief. Take the case of a one-shot, simultaneous game. Here all undominated strategies are possible choices, and the beliefs supporting them are possible beliefs, even if this game has a..
Keywords No keywords specified (fix it)
Categories (categorize this paper)
DOI 10.5840/philtopics19932112
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
Download options
PhilPapers Archive

Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 24,411
External links
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.

Add more references

Citations of this work BETA

Add more citations

Similar books and articles
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.

Monthly downloads

Added to index


Total downloads

35 ( #137,262 of 1,924,732 )

Recent downloads (6 months)

1 ( #417,761 of 1,924,732 )

How can I increase my downloads?

My notes
Sign in to use this feature

Start a new thread
There  are no threads in this forum
Nothing in this forum yet.