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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...
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This chapter studies how incomplete information helps accommodate frictions in coordination, leading to novel insights … knowledge; the possibility of operationalizing the notions of “coordination failure” and “animal spirits” in a manner that …
Persistent link: https://www.econbiz.de/10014024269
This chapter studies how incomplete information helps accommodate frictions in coordination, leading to novel insights … knowledge; the possibility of operationalizing the notions of “coordination failure” and “animal spirits” in a manner that …
Persistent link: https://www.econbiz.de/10011573121
We study a Bayesian coordination game where agents receive private information on the game's payoff structure. In … these different types of information, there exists a coordination game in the evaluation of this information. Even though …
Persistent link: https://www.econbiz.de/10011392542