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Perfect Correlated Equilibria

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  • Dhillon, Amrita
  • Mertens, Jean Francois

Abstract

The ([ epsilon ] -) perfect correlated equilibria (P.C.E.) are those induced by a ([ epsilon ] -) perfect equilibrium of some correlation device. The "revelation principle" fails for this concept - the direct mechanism may not yield a perfect equilibrium. The approximately perfect correlated equilibria (A.P.C.E.) are the limits of [ epsilon ]-P.C.E., and we obtain a full characterisation for them. Even the A.P.C.E. are "acceptable". We argue on an example that, among those, these are the P.C.E. which seem the "right" concept.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 68 (1996)
Issue (Month): 2 (February)
Pages: 279-302

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Handle: RePEc:eee:jetheo:v:68:y:1996:i:2:p:279-302

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Web page: http://www.elsevier.com/locate/inca/622869

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Cited by:
  1. Mertens, J. F., 2003. "The limit-price mechanism," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 433-528, July.
  2. Viossat, Yannick, 2010. "Properties and applications of dual reduction," Economics Papers from University Paris Dauphine 123456789/882, Paris Dauphine University.
  3. Viossat, Yannick, 2003. "Properties of Dual Reduction," Economics Papers from University Paris Dauphine 123456789/3048, Paris Dauphine University.
  4. Myerson, Roger B., 1997. "Dual Reduction and Elementary Games," Games and Economic Behavior, Elsevier, vol. 21(1-2), pages 183-202, October.
  5. Forges, Françoise & Vida, Péter, 2013. "Implementation of Communication Equilibria by Correlated Cheap Talk : the Two-Player Case," Economics Papers from University Paris Dauphine 123456789/8159, Paris Dauphine University.
  6. Zhigang Cao, 2013. "Bargaining and cooperation in strategic form games with suspended realizations of threats," Social Choice and Welfare, Springer, Springer, vol. 41(2), pages 337-358, July.
  7. Kam-Chau Wong & Chongmin Kim, 2004. "Evolutionarily Stable Correlation," Econometric Society 2004 Far Eastern Meetings, Econometric Society 495, Econometric Society.
  8. Pavlo Prokopovych & Lones Smith, 2004. "Subgame Perfect Correlated Equilibria in Repeated Games," Econometric Society 2004 North American Summer Meetings 287, Econometric Society.
  9. Dino Gerardi & Roger B. Myerson, 2005. "Sequential Equilibria in Bayesian Games with Communication," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1542, Cowles Foundation for Research in Economics, Yale University.
  10. Edward Cartwright & Myrna Wooders, 2008. "Behavioral Properties of Correlated Equilibrium; Social Group Structures with Conformity and Stereotyping," Vanderbilt University Department of Economics Working Papers 0814, Vanderbilt University Department of Economics.
  11. Shurojit Chatterji & Srihari Govindan, 2006. "Message spaces for perfect correlated equilibria," Economic Theory, Springer, Springer, vol. 28(2), pages 475-479, 06.
  12. Dino Gerardi & Leeat Yariv, 2003. "Putting Your Ballot Where Your Mouth Is: An Analysis of Collective Choice with Communication," UCLA Economics Working Papers, UCLA Department of Economics 827, UCLA Department of Economics.
  13. Zhigang Cao, 2011. "Remarks on Bargaining and Cooperation in Strategic Form Games," Discussion Paper Series, The Center for the Study of Rationality, Hebrew University, Jerusalem dp565, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  14. John Hillas & Elon Kohlberg, 1996. "Foundations of Strategic Equilibrium," Game Theory and Information, EconWPA 9606002, EconWPA, revised 18 Sep 1996.

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