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Multiple Equilibria as a Difficulty in Understanding Correlated Distributions

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We view achieving a particular correlated equilibrium distribution for a normal form game as an implementation problem. We show, using a parametric version of the two-person Chicken game and a wide class of correlated equilibrium distributions, that a social choice function that chooses a particular correlated equilibrium distribution from this class does not satisfy the Maskin monotonicity condition and therefore can not be fully implemented in Nash equilibrium

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Bibliographic Info

Paper provided by Brown University, Department of Economics in its series Working Papers with number 2005-10.

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Date of creation: 2005
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Handle: RePEc:bro:econwp:2005-10

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Postal: Department of Economics, Brown University, Providence, RI 02912

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  1. Maskin, Eric & Sjostrom, Tomas, 2001. "Implementation Theory," Working Papers 5-01-1, Pennsylvania State University, Department of Economics.
  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).
  3. Ben-Porath, Elchanan, 1998. "Correlation without Mediation: Expanding the Set of Equilibrium Outcomes by "Cheap" Pre-play Procedures," Journal of Economic Theory, Elsevier, vol. 80(1), pages 108-122, May.
  4. Forges, F., 1987. "Universal mechanisms," CORE Discussion Papers 1987004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Ben-Porath, Elchanan, 2003. "Cheap talk in games with incomplete information," Journal of Economic Theory, Elsevier, vol. 108(1), pages 45-71, January.
  6. Abreu, Dilip & Sen, Arunava, 1991. "Virtual Implementation in Nash Equilibrium," Econometrica, Econometric Society, vol. 59(4), pages 997-1021, July.
  7. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Journal of Economic Theory, Elsevier, vol. 83(1), pages 69-89, November.
  8. Indrajit Ray, 2002. "Multiple Equilibrium Problem and Non-Canonical Correlation Devices," Working Papers 2002-24, Brown University, Department of Economics.
  9. Robert J. Aumann & Sergiu Hart, 2002. "Long Cheap Talk," Discussion Paper Series dp284, The Center for the Study of Rationality, Hebrew University, Jerusalem, revised Nov 2002.
  10. Dino Gerardi, 2002. "Unmediated Communication in Games with Complete and Incomplete Information," Cowles Foundation Discussion Papers 1371, Cowles Foundation for Research in Economics, Yale University.
  11. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  12. Lehrer, Ehud, 1996. "Mediated Talk," International Journal of Game Theory, Springer, vol. 25(2), pages 177-88.
  13. Ehud Lehrer & Sylvain Sorin, 1994. "One-Shot Public Mediated Talk," Discussion Papers 1108, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  14. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers 1829, Harvard - Institute of Economic Research.
  15. R. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Bibliography 513, UCLA Department of Economics.
  16. Gossner, Olivier & Vieille, Nicolas, 2001. "Repeated Communication Through the Mechanism And," Economics Papers from University Paris Dauphine 123456789/6031, Paris Dauphine University.
  17. Roberto Serrano, 2003. "The Theory of Implementation of Social Choice Rules," Working Papers 2003-19, Brown University, Department of Economics.
  18. Olivier Gossner & Nicolas Vieille, 2001. "Repeated communication through the mechanism," International Journal of Game Theory, Springer, vol. 30(1), pages 41-60.
  19. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June.
  20. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Economics Papers from University Paris Dauphine 123456789/6244, Paris Dauphine University.
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