The standard framework for analyzing games with incomplete information models players as if they have an infinite depth of reasoning, which is not always consistent with experimental evidence. This paper generalizes the type spaces of Harsanyi (1967-1968) so that players can have a finite depth...

Type structures are a simple device to describe higher-order beliefs. But how can we check whether two types generate the same belief hierarchy? This paper generalizes the concept of a type morphism and shows that one type structure is contained in another if and only if the former can be mapped...

In an important paper, Weinstein and Yildiz (2007) show that if players have an infinite depth of reasoning and this is commonly believed, types generically have a unique rationalizable action in games that satisfy a richness condition. We show that this result does not extend to environments...

The value of a game is the payoff a player can expect from playing the game. Wecharacterize how the value of a coordination game depends on the economic environment.The central insight is that players face two types of coordination problems: (1) How tocoordinate on a Nash equilibrium (i.e.,...

Standard economic models cannot capture the fact that information is often ambiguous, and is interpreted in multiple ways. Using a framework that distinguishes between the language in which statements are made and the interpretation of statements, we demonstrate that, unlike in the case where...

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...