TY - JOUR
T1 - The never-a-weak-best-response test in infinite signaling games
AU - Manelli, Alejandro M.
N1 - Funding Information:
* I am very grateful to Karl Iorio, with whom I derived most of the results in this paper. I am solely responsible for any errors. I am also grateful to Raymond Deneckere, Michael Kirscheneiter, Steven Matthews, Daniel Vincent, Robert Weber, and to an associate editor and anonymous referee for helpful suggestions. George Mailath brought several references to my attention. Sue Bremner rendered invaluable editorial assistance. This work was revised while I was visiting the Instituto de Analisis Economico, Barcelona. Support from the Spanish Ministry of Education and Science, CICYT grants * PB89-0075 and PB90-0132, is gratefully acknowledged.
PY - 1997/5
Y1 - 1997/5
N2 - This essay considers a strong refinement of the sequential equilibrium concept, the Never-a-Weak-Best-Response test, and identifies conditions under which the limit of the equilibrium outcomes of finite approximating games is an equilibrium outcome of the limit infinite game. As a consequence of this result, the existence of equilibria in a class of infinite signaling games is established. Since equilibria satisfying the Never-a-Weak-Best-Response test also satisfy various other refinements, e.g., the Intuitive Criterion and the Universal Divinity test, the existence results in this essay hold for those refinements as well.Journal of Economic LiteratureClassification Numbers: C72, D82.
AB - This essay considers a strong refinement of the sequential equilibrium concept, the Never-a-Weak-Best-Response test, and identifies conditions under which the limit of the equilibrium outcomes of finite approximating games is an equilibrium outcome of the limit infinite game. As a consequence of this result, the existence of equilibria in a class of infinite signaling games is established. Since equilibria satisfying the Never-a-Weak-Best-Response test also satisfy various other refinements, e.g., the Intuitive Criterion and the Universal Divinity test, the existence results in this essay hold for those refinements as well.Journal of Economic LiteratureClassification Numbers: C72, D82.
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U2 - 10.1006/jeth.1996.2248
DO - 10.1006/jeth.1996.2248
M3 - Article
AN - SCOPUS:0031142649
SN - 0022-0531
VL - 74
SP - 152
EP - 173
JO - Journal of Economic Theory
JF - Journal of Economic Theory
IS - 1
ER -