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Self-Confirming Equilibrium

Drew Fudenberg and David K. Levine
Econometrica
Vol. 61, No. 3 (May, 1993), pp. 523-545
Published by: The Econometric Society
DOI: 10.2307/2951716
Stable URL: http://www.jstor.org/stable/2951716
Page Count: 23
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Self-Confirming Equilibrium
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Abstract

In a self-confirming equilibrium, each player's strategy is a best response to his beliefs about the play of his opponents, and each player's beliefs are correct along the equilibrium path of play. Thus, if a self-confirming equilibrium occurs repeatedly, no player ever observes play that contradicts his beliefs, even though beliefs about play at off-path information sets need not be correct. We characterize the ways in which self-confirming equilibria and Nash equilibria can differ, and provide conditions under which self-confirming equilibria correspond to standard solution concepts.

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