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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 605:
Strategic equivalence and bounded rationality in extensive form games

Mark Voorneveld () and Helena Fagraeus Lundström

Abstract: In a large family of solution concepts for boundedly rational players --- allowing players to be imperfect optimizers, but requiring that ``better'' responses are chosen with probabilities at least as high as those of ``worse'' responses --- most of Thompson's ``inessential'' transformations for the strategic equivalence of extensive form games become far from inconsequential. Only two of the usual elementary transformations remain truly inessential: the interchange of moves, and replacing a final move by nature by simply taking expected payoffs.

Keywords: Extensive form games; Quantal response equilibrium; Logit model; Strategic equivalence; (follow links to similar papers)

JEL-Codes: C72; (follow links to similar papers)

15 pages, October 13, 2005

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