{"id":7236,"date":"2023-12-07T00:05:09","date_gmt":"2023-12-07T00:05:09","guid":{"rendered":"https:\/\/aaep.org.ar\/?p=7236"},"modified":"2023-12-07T00:05:11","modified_gmt":"2023-12-07T00:05:11","slug":"robust-equilibria","status":"publish","type":"post","link":"https:\/\/aaep.org.ar\/?p=7236","title":{"rendered":"Robust Equilibria"},"content":{"rendered":"<iframe loading=\"lazy\" class=\"wonderplugin-pdf-iframe\" src=\"https:\/\/aaep.org.ar\/wp-content\/plugins\/wonderplugin-pdf-embed\/pdfjslight\/web\/viewer.html?v=2&file=https:\/\/aaep.org.ar\/works\/works2023\/4670.pdf\" width=\"100%\" height=\"600px\" style=\"border:0;\"><\/iframe>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The concept of Perfect Bayesian Equilibrium [PBE] refines Bayes-Nash<br \/>\nequilibria embodying notions of sequential rationality. However, on one<br \/>\nhand it leaves beliefs totally unrestricted for information sets off the equilibrium<br \/>\npath. On the other hand, it lacks structural robustness, as even<br \/>\nthe same game modelled with different extensive forms can have a different<br \/>\nset of PBE.<br \/>\nThe sequential equilibrium [SE] stands out as a suitable refinement<br \/>\nthat has more structural properties and gives place to reasonable off-path<br \/>\nbeliefs. However, SE requires different agents using exactly the same<br \/>\nperturbations to generate consistent beliefs off equilibrium path, which<br \/>\nmay be too strict a requirement. Furthermore, testing whether a certain<br \/>\nassesment could be a potential SE is cumbersome, and involves in principle<br \/>\nfinding the corresponding sequence of perturbations or completely mixed<br \/>\nstrategies.<br \/>\nIn this paper, we develop a generalization of SE, the robust equilibrium<br \/>\n[RE], which refines PBE in a less restrictive way, and which computation<br \/>\ncan be algoritmically carried out solving a relatively simple set of inequalities.<br \/>\nAlthough it can be described as an assesment consistent in a more<br \/>\ngeneral way by the use of sequences of perturbations, it can also be characterized<br \/>\nby an assortment of nodes according to equilibrium behavior<br \/>\nstrategies.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[29],"tags":[31],"class_list":["post-7236","post","type-post","status-publish","format-standard","hentry","category-anales","tag-aaep-anales-2023"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Robust Equilibria - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robust Equilibria - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"og:description\" content=\"The concept of Perfect Bayesian Equilibrium [PBE] refines Bayes-Nash equilibria embodying notions of sequential rationality. However, on one hand it leaves beliefs totally unrestricted for information sets off the equilibrium path. On the other hand, it lacks structural robustness, as even the same game modelled with different extensive forms can have a different set of PBE. The sequential equilibrium [SE] stands out as a suitable refinement that has more structural properties and gives place to reasonable off-path beliefs. However, SE requires different agents using exactly the same perturbations to generate consistent beliefs off equilibrium path, which may be too strict a requirement. Furthermore, testing whether a certain assesment could be a potential SE is cumbersome, and involves in principle finding the corresponding sequence of perturbations or completely mixed strategies. In this paper, we develop a generalization of SE, the robust equilibrium [RE], which refines PBE in a less restrictive way, and which computation can be algoritmically carried out solving a relatively simple set of inequalities. 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