Strategic equivalence and bounded rationality in extensive form games

In a large family of solution concepts for boundedly rational players — allowing players to be imperfect optimizers, but requiring that “better ” responses are chosen with probabilities at least as high as those of “worse ” responses — most of Thompson’s “inessential ” transformations for the strategic equivalence of extensive form games become far from inconsequential. Only two of the usual elementary transformations remain truly inessential: the interchange of moves, and replacing a final move by nature by simply taking expected payoffs. JEL classification: C72