In game theory, a subgame is any part (a subset) of a game that meets the following criteria (the following terms allude to a game described in extensive form): [1] It has a single initial node that is the only member of that node's information set (i.e. …

In game theory, a subgame perfect equilibrium (SPE), or subgame perfect Nash equilibrium (SPNE), is a refinement of the Nash equilibrium concept, specifically designed for dynamic games where players make sequential decisions.

In game theory, a subgame is a subset of any game that includes an initial node (which has to be independent from any information set) and all its successor nodes. It’s quite easy to understand how subgames work using the extensive form when describing the game.

An extensive-form game can contain a part that could be considered a smaller game in itself; such a smaller game that is embedded in a larger game is called a subgame.

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We first analyze the perfect information games, where each information set is singleton, and develop the notion of backwards induction. Then, considering more general dynamic games, we will introduce the concept of the subgame perfection. We explain these concepts on economic problems, most of which can be found in Gibbons.

Nov 22, 2023 · Subgame perfect equilibrium is a strategic concept that provides a solution for multi-stage games, ensuring that players make optimal decisions at every stage, leading to an overall optimal outcome.

subgame is part of a game that can be considered as a game itself. If a node is in a subgame, the entire information set that contains the node must be in the subgame. substrategy is the restriction of a strategy to a subgame. subgame-perfect Nash equilibrium is a Nash equilibrium whose sub strategy profile is a Nash equilibrium at each subgame.

So far we have thought about games where players choose strategies once and for all at the beginning of an interaction. In these games, actions and strategies were the same. In dynamic games they won’t be. Sometimes we are interested in dynamics: how incentives change as players learn where they are in a game.

Subgame Perfect Equilibrium requires that players play a Nash Equlibrium in every subgame of the game. As a result, every subgame perfect equilibrium is a Nash equlibrium, but not the other way around. • A subgame begins at a particular decision node, and contains the rest of the game from that node forward.