Making solutions invariant
This paper presents a method to modify a non-invariant solution concept in such a way that the resulting solution is invariant. The properties of the solution which are inherited by the modified solution are also analyzed. In particular, the authors show that the modified solution concept inherits all other requirements of Kohlberg-Mertens program satisfied by the original solution concept. See \textit{E. Kohlberg} and \textit{J.-F. Mertens} [Econometrica 54, 1003--1037 (1986; Zbl 0616.90103)]. An example of an alternative way of modification that does not preserve backwards induction is also presented.
scientific article; zbMATH DE number 2078304