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1、JournalofEconomicTheory145(2010)264286www.elsevier.com/locate/jetMinimaxregretandstrategicuncertainty✩LudovicRenoua,∗,KarlH.SchlagbaDepartmentofEconomics,UniversityofLeicester,UniversityRoad,LeicesterLE17RH,UnitedKingdombDepartmentofEconomicsandBusiness,UniversitatPompeuFabra,SpainReceived29Apr
2、il2008;finalversionreceived23February2009;accepted15July2009Availableonline2September2009AbstractThispaperintroducesanewsolutionconcept,aminimaxregretequilibrium,whichallowsforthepossi-bilitythatplayersareuncertainabouttherationalityandconjecturesoftheiropponents.Weprovideseveralapplicationsofou
3、rconcept.Inparticular,weconsiderprice-settingenvironmentsandshowthatoptimalpricingpolicyfollowsanon-degeneratedistribution.Theinducedpricedispersionisconsistentwithexper-imentalandempiricalobservations(BayeandMorgan(2004)[4]).©2009ElsevierInc.Allrightsreserved.JELclassification:C72Keywords:Minim
4、axregret;Rationality;Conjectures;Pricedispersion;Auction1.IntroductionStrategicsituationsconfrontindividualswiththedelicatetasksofconjecturingotherindivid-ualsdecisions,thatis,theyfacestrategicuncertainty.Naturally,individualsmightrelyontheirpriorinformationorknowledgeinformingtheirconjectures.
5、Forinstance,ifanindividualknowsthathisopponentsarerational,thenhecaninferthattheywillnotplaystrictlydominatedstrate-✩Wethanktworeferees,PierpaoloBattigalli,GianniDeFraja,PinoLopomo,ClaudioMezzetti,StephenPollock,LucaRigotti,JoergStoye,andseminarparticipantsatBarcelona,Birmingham,andLeicesterfor
6、helpfulcomments.RenouthanksthehospitalityofFuquaBusinessSchoolatDukeUniversity.KarlSchlaggratefullyacknowledgesfinancialsupportfromtheDepartmentofEconomicsandBusinessoftheUniversitatPompeuFabra,fromtheUniversitatPompeuFabra,GrantAL12207,andfromtheSpanishMinisteriodeEducaciónyCiencia,GrantMEC-SEJ
7、2006-09993.*Correspondingauthor.E-mailaddresses:lr78@le.ac.uk(L.Renou),karl.schlag@upf.edu(K.H.Schlag).0022-0531/$seefrontmatter©2009ElsevierInc.Allrightsreserved.doi:10.1016/j.jet.2009.07.005L.Renou,K.H.Schlag/JournalofEconomicTh
