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BERK-NASH EQUILIBRIUM: A FRAMEWORK FOR MODELING AGENTS WITH MISSPECIFIED MODELS.

We develop an equilibrium framework that relaxes the standard assumption that people have a correctly specified view of their environment. Each player is characterized by a (possibly misspecified) subjective model, which describes the set of feasible beliefs over payoff-relevant consequences as a fu...

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Published in:Econometrica Vol. 84; no. 3; pp. 1093 - 1131
Main Authors: ESPONDA, IGNACIO, POUZO, DEMIAN
Format: Article
Published: Wiley-Blackwell May2016
Subjects:
Structural frames
Modeling agencies
Equilibrium
Economics literature
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