J. Jude Kline (Department of Economics, Australian National University, Canberra, ACT 0200, AUSTRALIA)
Abstract
Decentralizability with respect to an equilibrium concept means that those equilibria for an extensive game and its agent normal form game coincide for any given payoffs. We consider decentralizability of Nash equilibrium, subgame perfect equilibrium, and perfect equilibrium. For each equilibrium concept we give a necessary and sufficient condition on the information structure of an extensive game for decentralizability to hold. When it holds it does not matter if agents with the same objectives decide independently or have someone coordinate their actions.
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Publisher Info
Article provided by Springer in its journal Economic Theory.