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We define a cautious version of extensive-form rationalizability for generalized extensive- form games with unawareness that we call prudent rationalizability. It is an extensive-form analogue of iterated admissibility. In each round of the procedure, for each tree and each information set of a...
Persistent link: https://www.econbiz.de/10012101418
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10013008600
This paper performs a welfare analysis of markets with private information in which agents can condition on noisy prices in the rational expectations tradition. Price-contingent strategies introduce two externalities in the use of private information: a payoff (pecuniary) externality related to...
Persistent link: https://www.econbiz.de/10013011001
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009153832
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009259934
We propose an incomplete information analogue of rationalizability. An action is said to be belief-free rationalizable if it survives the following iterated deletion process. At each stage, we delete actions for a type of a player that are not a best response to some conjecture that puts weight...
Persistent link: https://www.econbiz.de/10014123747
Persistent link: https://www.econbiz.de/10010250539
Persistent link: https://www.econbiz.de/10009782964
We consider a disclosure game between a seller and a buyer. The seller knows the quality of a good, while the buyer does not. Before the buyer decides how many units to purchase, the seller can disclose verifiable information about the good. The better the information, the more the buyer is...
Persistent link: https://www.econbiz.de/10015405163
We study the interaction between multiple information designers who try to influence the behavior of a set of agents. When the set of messages available to each designer is finite, such games always admit subgame perfect equilibria. When designers produce public information about independent...
Persistent link: https://www.econbiz.de/10012115785