Correlated Equilibrium in Games with Incomplete Information
AbstractWe define a notion of correlated equilibrium for games with incomplete information in a general setting with finite players, finite actions, and finite states, which we call Bayes correlated equilibrium. The set of Bayes correlated equilibria of a fixed incomplete information game equals the set of probability distributions over actions, states and types that might arise in any Bayes Nash equilibrium where players observed additional information. We show that more information always shrinks the set of Bayes correlated equilibria.
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1822.
Length: 61 pages
Date of creation: Oct 2011
Date of revision:
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Other versions of this item:
- Dirk Bergemann & Stephen Morris, 2011. "Correlated Equilibrium in Games with Incomplete Information," Levine's Working Paper Archive 786969000000000265, David K. Levine.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-22 (All new papers)
- NEP-CIS-2011-10-22 (Confederation of Independent States)
- NEP-CTA-2011-10-22 (Contract Theory & Applications)
- NEP-GTH-2011-10-22 (Game Theory)
- NEP-MIC-2011-10-22 (Microeconomics)
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NajEcon Working Paper Reviews
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