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A response to Glazer and Rosenthal

Authors :
Abreu, Dilip
Matsushima, Hitoshi
Source :
Econometrica. Nov, 1992, Vol. 60 Issue 6, p1439, 4 p.
Publication Year :
1992

Abstract

J. Glazer and R.W. Rosenthal state that the mechnisms used to implement social-choice functions in iteratively undominated strategies lead to controversial games with iterative removal of strategies that are strictly dominated. However, iterative logic is accepted in conventional decision theory. Common knowledge of rationality, paradoxes of which are cited as criticisms, is necessary in the logic of iterative dominance, but the mechanisms in question are simultaneous and thus preclude the rationalization of iteratively dominated behavior.

Details

ISSN :
00129682
Volume :
60
Issue :
6
Database :
Gale General OneFile
Journal :
Econometrica
Publication Type :
Academic Journal
Accession number :
edsgcl.13587408