Sequential Rationality in Cryptographic Protocols

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Executive Summary

Much of the literature on rational cryptography focuses on analyzing the strategic properties of cryptographic protocols. However, due to the presence of computationally bounded players and the asymptotic nature of cryptographic security, a definition of sequential rationality for this setting has thus far eluded researchers. The authors propose a new framework for overcoming these obstacles, and provide the first definitions of computational solution concepts that guarantee sequential rationality. They argue that natural computational variants of subgame perfection are too strong for cryptographic protocols.

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