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Coordinating under incomplete information

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  • Geir Asheim

    ()

  • Seung Yoo

    ()

Abstract

We show that, in a minimum effort game with incomplete information where player types are independently drawn, there is a largest and smallest Bayesian equilibrium, leading to the set of equilibrium payoffs (as evaluated at the interim stage) having a lattice structure. Furthermore, the range of equilibrium payoffs converges to those of the deterministic complete information version of the game, in the limit as the incomplete information vanishes. This entails that such incomplete information alone cannot explain the equilibrium selection suggested by experimental evidence.

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Bibliographic Info

Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 12 (2008)
Issue (Month): 4 (December)
Pages: 293-313

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Handle: RePEc:spr:reecde:v:12:y:2008:i:4:p:293-313

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Related research

Keywords: Minimum effort games; Coordination games; Incomplete information; C72;

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  1. Vives, Xavier, 1990. "Nash equilibrium with strategic complementarities," Journal of Mathematical Economics, Elsevier, vol. 19(3), pages 305-321.
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  9. Carlsson, Hans & Ganslandt, Mattias, 1998. "Noisy equilibrium selection in coordination games," Economics Letters, Elsevier, vol. 60(1), pages 23-34, July.
  10. Athey, S., 1997. "Sigle Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information," Working papers 97-11, Massachusetts Institute of Technology (MIT), Department of Economics.
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