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Inverse View
It is not the case that A sequential equilibrium requires both a strategy profile and a system of beliefs that are mutually consistent and sequentially rational
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Reasons For
2 perspectives
Reason for 1 of 2
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1.
Bayes's rule is undefined at off-equilibrium-path information sets reached with probability zero, making belief consistency indeterminate precisely where it matters most.
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2.
Kreps and Wilson's own refinement leaves substantial freedom in specifying off-path beliefs, meaning sequential equilibrium underdetermines rational play in the cases it was designed to resolve.
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Reason for 2 of 2
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1.
Binmore and Reny demonstrated that sequential rationality presupposes a counterfactual theory of what players would do at unreached nodes, yet no agreed interpretation of counterfactuals in extensive-form games exists.
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2.
Without a settled semantics for counterfactual reasoning under irrationality, mutual consistency between strategies and beliefs is a formal artifact rather than a substantive rationality requirement.
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Reasons Against
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Reason against
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1.
A sequential equilibrium has two parts: a strategy profile for each player and a system of beliefs for each player
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2.
The system of beliefs assigns to each information set a probability distribution over nodes in that set, representing the player's beliefs about where in the information set play has reached
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3.
The beliefs must be consistent with Bayes's rule
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