Bounded reasoning and higher-order uncertainty

@inproceedings{Kets2010BoundedRA,
  title={Bounded reasoning and higher-order uncertainty},
  author={Willemien Kets},
  year={2010}
}
The standard framework for analyzing games with incomplete information models players as if they form beliefs about their opponents’ beliefs about their opponents’ beliefs and so on, that is, as if players have an infinite depth of reasoning. This strong assumption has nontrivial implications, as is well-known. This paper therefore generalizes the type spaces of Harsanyi (1967–1968) to model that players can have a finite depth of reasoning. The innovation is that players can have a coarse… CONTINUE READING
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