In a recent contribution in this journal, Sascia Pavan proposed a new game theoretic approach to explain generalized conversational implicatures in terms of general principles of rational behavior. His approach is based on refining Nash equilibrium by a procedure called iterated admissibility. I would like to strengthen Pavan’s case by sketching an epistemic interpretation of iterated admissibility, so as to further our understanding of why iterated admissibility might be a good approximation of pragmatic reasoning. But the explicit epistemic view taken (...) here also points to some shortcomings of his approach in comparison to rivaling accounts. (shrink)