p-Best response set

• 成果类型: Article
• 署名作者: Tercieux, Olivier
• 署名单位: Universite PSL; Ecole Normale Superieure (ENS); Ecole des Hautes Etudes en Sciences Sociales (EHESS); Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS)
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2005.06.001
• 发表日期: 2006
• 页码: 45-70
• 关键词: set-valued concept; p-Dominance; Risk-dominance; perfect foresight dynamics; higher-order uncertainty

摘要

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 from Matsui 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. (c) 2005 Published by Elsevier Inc.