The intuitive criterion by Cho and Kreps is a refinement to minimise.pdf

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The intuitive criterion by Cho and Kreps is a refinement to minimise the set of perfect Bayesian equilibria in signalling games. What would a simple and intuitive example to explain this criterion be? Assume any undergrad student should be easily able to appreciate the refinement through the example. Solution A concise, completely informal way of putting it is this: The intuitive criterion rules-out any out- of-equilibrium beliefs that can only be correct if some player did something stupid. Below is a slightly more long-winded explanation with an informal example. In many signalling games (that is, games in which one player.

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