Belief-free equilibria in games with incomplete information

J. Hörner, S. LOVO


March 2009, vol. 77, n°2, pp.453-487

Departments: Finance, GREGHEC (CNRS)

We define belief-free equilibria in two-player games with incomplete information as se- quential equilibria for which players' continuation strategies are best-replies, after every history, independently of their beliefs about the state of nature. We characterize a setof payoffs that includes all belief-free equilibrium payoffs. Conversely, any payoff in the interior of this set is a belief-free equilibrium payoff.Keywords: repeated game with incomplete information; Harsanyi doctrine; belief-free equilibria.