INCOMPLETE INFORMATION AND RISK SENSITIVE ANALYSIS OF SEQUENTIAL GAMES WITHOUT A PREDETERMINED ORDER OF TURNS

The authors introduce risk sensitivity to a model of sequential games where players don't know beforehand which of them will make a choice at each stage of the game. It is shown that every sequential game without a predetermined order of turns with risk sensitivity has a Nash equilibrium, as well as in the case in which players have types that are chosen for them before the game starts and that are kept from the other players. There are also a couple of examples that show how the equilibria might change if the players are risk prone or risk adverse.