Abstract:

Rationalizability is a central concept in game theory. Since there may be many rationalizable strategies, applications commonly use refinements to obtain sharp predictions. In an important paper, Weinstein and Yildiz [2007] show that no refinement is robust to perturbations of high-order beliefs. We show that robust refinements do exist if we relax the assumption that all players are unlimited in their reasoning ability. In particular, for a class of models, every strict Bayesian-Nash equili...

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Publication status:

Published

Peer review status:

Peer reviewed

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