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Epistemic Game Theory

Author

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  • Dekel, Eddie
  • Siniscalchi, Marciano
Abstract
Epistemic game theory formalizes assumptions about rationality and mutual beliefs in a formal language, then studies their behavioral implications in games. Specifically, it asks: what do different notions of rationality and different assumptions about what players believe about…what others believe about the rationality of players imply regarding play in a game? Being explicit about these assumptions can be important, because solution concepts are often motivated intuitively in terms of players’ beliefs and their rationality; however, the epistemic analysis may show limitations in these intuitions, reveal what additional assumptions are hidden in the informal arguments, clarify the concepts or show how the intuitions can be generalized. A further premise of this chapter is that the primitives of the model— namely, the hierarchies of beliefs—should be elicitable, at least in principle. Building upon explicit assumptions about elicitable primitives, we present classical and recent developments in epistemic game theory and provide characterizations of a nonexhaustive, but wide, range of solution concepts.

Suggested Citation

  • Dekel, Eddie & Siniscalchi, Marciano, 2015. "Epistemic Game Theory," Handbook of Game Theory with Economic Applications,, Elsevier.
    • Handle: RePEc:eee:gamchp:v:4:y:2015:i:c:p:619-702
    DOI: 10.1016/B978-0-444-53766-9.00012-4
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    More about this item

    Keywords

    Epistemic game theory; Interactive epistemology; Solution concepts; Backward induction; Forward induction; Rationalizability; Common-prior assumption; Hierarchies of beliefs; Conditional probability systems; Lexicographic probability systems; C72; D81;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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