Rationality and coherent theories of strategic behavior

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Abstract

A non-equilibrium model of rational strategic behavior that can be viewed as a refinement of (normal form) rationalizability is developed for both normal form and extensive form games. This solution concept is called a τ-theory and is used to analyze the main concerns of the Nash equilibrium refinements literature such as dominance, iterative dominance, extensive form rationality, invariance, and backward induction. The relationship between τ-theories and dynamic learning is investigated. Journal of Economic Literature Classification Number: C72.

Original languageEnglish (US)
Pages (from-to)1-31
Number of pages31
JournalJournal of Economic Theory
Volume70
Issue number1
DOIs
StatePublished - Jul 1996

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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