We propose the Subgame Credible Nash Equilibrium (SCNE), a refinement of subgame perfect Nash equilibrium (SPNE) for multi-stage games. SCNE retains the internal credibility requirement of SPNE – equilibrium behavior in every subgame – and adds an external credibility requirement across equivalent subgames: whenever a player's prescribed continuation strategy differs across equivalent subgames, her own continuation payoff must not decrease. The intuition is that credible punishments or promises ...