Abstract
In this paper I scrutinize the “rational beliefs” in the concept of rationalizability in strategic games [Bernheim (Econometrica 52:1007–1028, 1984), Pearce (Econometrica 52:1029–1051, 1984)]. I illustrate through an example that a rationalizable strategy may not be supported by a “rational belief”, at least under one plausible interpretation of “rational belief”. I offer an alternative formulation of “rational belief” in the concept of rationalizability, which yields a novel epistemic interpretation of the notion of point-rationalizability.
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