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Conjugate duality of correlated equilibrium

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Author Info

  • Ostroy, Joseph M.
  • Song, Joon

Abstract

The play of a game is a public good because it is "consumed" by each of the players. We model the play as supplied by an organizer managing a team--the demanders of the public good whose actions are unobservable. Competition among organizers leads to a price-quantity description of efficient correlated equilibria, called incentive compatible Lindahl equilibria. Conjugate duality characterizations of the sets of (i) (non-incentive compatible) Lindahl equilibria for games in normal form, (ii) correlated equilibria, and (iii) incentive compatible Lindahl equilibria are compared.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 45 (2009)
Issue (Month): 12 (December)
Pages: 869-879

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Handle: RePEc:eee:mateco:v:45:y:2009:i:12:p:869-879

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Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Correlated equilibrium Lindahl equilibrium Conjugate duality;

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References

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  1. Nau, Robert F. & McCardle, Kevin F., 1990. "Coherent behavior in noncooperative games," Journal of Economic Theory, Elsevier, vol. 50(2), pages 424-444, April.
  2. AUMANN, Robert J., . "Subjectivity and correlation in randomized strategies," CORE Discussion Papers RP -167, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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Cited by:
  1. Joon Song, 2007. "Futures Market: Contractual Arrangement to Restrain Moral Hazard in Teams," Economics Discussion Papers 633, University of Essex, Department of Economics.

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