Rational beliefs in rationalizability

In this paper I scrutinize the ‘rational beliefs’ in the concept of rationalizability in strategic games [Bernheim (Econometrica 52:1007–1028, 1984), Pearce (Econometrica 52:1029–1051, 1984)]. I illustrate through an example that a rationalizable strategy may not be supported by a ‘rational belief’, at least under one plausible interpretation of ‘rational belief’. I offer an alternative formulation of ‘rational belief’ in the concept of rationalizability, which yields a novel epistemic interpretation of the notion of point‐rationalizability.