Equilibria Refinement in Dynamic Voting Games

We propose two related equilibrium refinements for voting and agenda-setting games, Sequentially Weakly Undominated Equilibrium (SWUE) and Markov Trembling Hand Perfect Equilibrium (MTHPE), and show how these equilibrium concepts eliminate non-intuitive equilibria that arise naturally in dynamic voting games and games in which random or deterministic sequence of agenda setters make offers to several players. We establish existence of these equilibria in finite and infinite (for MTHPE) games, provide a characterization of the structure of equilibria, and clarify the relationship between the two concepts. Finally, we show how these concepts can be applied in a dynamic model of endogenous club formation.