Abstract
Existing equilibrium concepts for games make use of the subjective expected utility model axiomatized by Savage [28] to represent players' preferences. Accordingly, each player's beliefs about the strategies played by opponents are represented by a probability measure. Motivated by experimental findings such as the Ellsberg Paradox demonstrating that the beliefs of a decision maker may not be representable by a probability measure, this paper generalizes equilibrium concepts for normal form games to allow for the beliefs of each player to be representable by a closed and convex set of probability measures. The implications of this generalization for strategy choices and welfare of players are studied.Journal of Economic LiteratureClassification Numbers: C72, D81.
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