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Bayes Correlated Equilibrium and the Comparison of Information Structures

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  • Dirk Bergemann
  • Stephen Morris

Abstract

The set of outcomes that can arise in Bayes Nash equilibria of an incomplete information game where players may or may not have access to more private information is characterized and shown to be equivalent to the set of an incomplete information version of correlated equilibrium, which we call Bayes correlated equilibrium. We describe a partial order on many player information structures -- which we call individual sufficiency -- under which more information shrinks the set of Bayes correlated equilibria. We discuss the relation of the solution concept to alternative definitions of correlated equilibrium in incomplete information games and of the partial order on information structures to others, including Blackwell's for the single player case.

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Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 786969000000000725.

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Date of creation: 19 Sep 2013
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Handle: RePEc:cla:levarc:786969000000000725

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  1. Andrew Caplin & Daniel Martin, 2013. "A Testable Theory of Imperfect Perception," Levine's Working Paper Archive 786969000000000649, David K. Levine.
  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. Cotter, Kevin D., 1991. "Correlated equilibrium in games with type-dependent strategies," Journal of Economic Theory, Elsevier, vol. 54(1), pages 48-68, June.
  4. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June.
  5. Forges, Francoise & Koessler, Frederic, 2005. "Communication equilibria with partially verifiable types," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 793-811, November.
  6. Neyman, Abraham, 1991. "The positive value of information," Games and Economic Behavior, Elsevier, vol. 3(3), pages 350-355, August.
  7. Robert J. Aumann, 1995. "Repeated Games with Incomplete Information," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011476, December.
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