Minimum Memory for Equivalence between Ex Ante Optimality and Time-Consistency

We give a necessary and sufficient condition on memory of a player in an extensive game for equivalence between ex ante optimality and timeconsistency (for all payoff assignments). The condition is called A-loss recall and requires that each loss of a player’s memory can be traced back to some loss of memory of his own action. A-loss recall is also shown to be a necessary and sufficient condition for the existence of a timeconsistent strategy (for all payoff assignments) if the player is consciousminded. Journal of Economic Literature ClassiÞcation Numbers: C72, D80