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Bayes Correlated Equilibrium and the Comparison of Information Structures

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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 Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1822R.

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Length: 89 pages
Date of creation: Feb 2013
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Handle: RePEc:cwl:cwldpp:1822r

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Correlated equilibrium; Incomplete information; Robust predictions; Information structure;

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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. R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
  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. Neyman, Abraham, 1991. "The positive value of information," Games and Economic Behavior, Elsevier, vol. 3(3), pages 350-355, August.
  5. Forges, Françoise & Koessler, Frédéric, 2005. "Communication equilibria with partially verifiable types," Economics Papers from University Paris Dauphine 123456789/168, Paris Dauphine University.
  6. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June.
  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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