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Perfect correlated equilibria

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  • DHILLON, A.
  • MERTENS, J.F.

Abstract

The ([ epsilon ] -) perfect correlated equilibria (P.C.E.) are those induced by a ([ epsilon ] -) perfect equilibrium of some correlation device. The "revelation principle" fails for this concept - the direct mechanism may not yield a perfect equilibrium. The approximately perfect correlated equilibria (A.P.C.E.) are the limits of [ epsilon ]-P.C.E., and we obtain a full characterisation for them. Even the A.P.C.E. are "acceptable". We argue on an example that, among those, these are the P.C.E. which seem the "right" concept.
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Suggested Citation

  • Dhillon, A. & Mertens, J.F., 1996. "Perfect correlated equilibria," LIDAM Reprints CORE 1197, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1197
    DOI: 10.1006/jeth.1996.0018
    Note: In : Journal of Economic Theory, 68 (2), 279-302, 1996
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