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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 1, Number 1 (March 2006) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/4779

Title: Hierarchies of belief and interim rationalizability
Authors: Ely, Jeffrey C.; Northwestern University
Peski, Marcin; University of Chicago
Keywords: Interim rationalizability, belief hierarchies
C72, D82
Issue Date: 2-Mar-2006
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 1, No 1 (2006), pages 19-65
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] In games with incomplete information, conventional hierarchies of belief are incomplete as descriptions of the players' information for the purposes of determining a player's behavior. We show by example that this is true for a variety of solution concepts. We then investigate what is essential about a player's information to identify behavior. We specialize to two player games and the solution concept of interim rationalizability. We construct the universal type space for rationalizability and characterize the types in terms of their beliefs. Infinite hierarchies of beliefs <i>over conditional beliefs</i>, which we call Delta-hierarchies, are what turn out to matter. We show that any two types in any two type spaces have the same rationalizable sets in all games if and only if they have the same Delta-hierarchies.
URI: http://hdl.handle.net/1807/4779
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20060019
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 1, Number 1 (March 2006)

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