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Quotient spaces of boundedly rational types
Cianciaruso, Davide; Germano, Fabrizio
Universitat Pompeu Fabra. Departament d'Economia i Empresa
By identifying types whose low-order beliefs up to level li about the state of nature coincide, weobtain quotient type spaces that are typically smaller than the original ones, preserve basic topologicalproperties, and allow standard equilibrium analysis even under bounded reasoning. Our Bayesian Nash(li; l-i)-equilibria capture players inability to distinguish types belonging to the same equivalence class.The case with uncertainty about the vector of levels (li; l-i) is also analyzed. Two examples illustratethe constructions.
26-11-2012
Microeconomics
incomplete-information games
high-order reasoning
type space
quotient space
hierarchies of beliefs
bounded rationality
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