Universally rational belief hierarchies

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In a recent paper, Tsakas [2013 Rational belief hierarchies, Journal of Mathematical Economics, Maastricht University] introduced the notion of rational beliefs. These are Borel probability measures that assign a rational probability to every Borel event. Then, he constructed the corresponding Harsanyi type space model that represents the rational belief hierarchies. As he showed, there are rational types that are associated with a nonrational probability measure over the product of the underlying space of uncertainty and the opponent’s types. In this paper, we define the universally rational belief hierarchies, as those that do not exhibit this property. Then, we characterize them in terms of a natural restriction imposed directly on the belief hierarchies.
Original languageEnglish
Article number1440003
JournalInternational Game Theory Review
Issue number1
Publication statusPublished - 1 Jan 2014

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