p-Best response set
نویسنده
چکیده
This paper introduces a notion of p-best response set (p-BR). We build on this notion in order to provide a new set-valued concept: the minimal p-best response set (p-MBR). After proving general existence results of the p-MBR, we show that it characterizes set-valued stability concepts in a dynamic with Poisson revision opportunities borrowed fromMatsui and Matsuyama [An approach to equilibrium selection, J. Econ. Theory 65 (1995) 415–434.] Then, we study equilibrium selection. In particular, using our notion of p-BR, we generalize Morris et al. [p-Dominance and belief potential, Econometrica 63 (1995) 145–157.] that aimed to provide sufficient conditions under which a unique equilibrium is selected in the presence of higher order uncertainty. © 2005 Published by Elsevier Inc. JEL classification: C72; C73
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عنوان ژورنال:
- J. Economic Theory
دوره 131 شماره
صفحات -
تاریخ انتشار 2006