Abstract
Kuhn's Theorem shows that extensive games with perfect recall can equivalently be analyzed using mixed or behavioral strategies, as long as players are expected utility maximizers. This note constructs an example that illustrates the limits of Kuhn's Theorem in an environment with ambiguity averse players who use a maxmin decision rule and full Bayesian updating.
Original language | English |
---|---|
Pages (from-to) | 110-114 |
Number of pages | 5 |
Journal | Economics Letters |
Volume | 125 |
Issue number | 1 |
DOIs | |
Publication status | Published - 22 Aug 2014 |