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Bayesian Equilibrium and Incentive-Compatibility: An Introduction

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  • Roger B. Myerson

Abstract

This paper is an introduction to the analysis of games with incomplete information, using a Bayesian model. the logical foundations of the Bayesian model are discussed. To describe rational behavior of players in a Bayesian game, two basic solution concerts are present: Bayesian equilibrium, for games in which the players cannot communicate; and Bayesian incentive-compatibility, for games in which the players can communicate. The concept of virtual utility is developed as a tool for characterizing efficient incentive-compatible coordination mechanisms.

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Bibliographic Info

Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 548.

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Date of creation: Feb 1983
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Handle: RePEc:nwu:cmsems:548

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Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014
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Web page: http://www.kellogg.northwestern.edu/research/math/
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  1. Bengt Holmstrom & Roger B. Myerson, 1981. "Efficient and Durable Decision Rules with Incomplete Information," Discussion Papers 495, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Harris, Milton & Raviv, Artur, 1981. "Allocation Mechanisms and the Design of Auctions," Econometrica, Econometric Society, vol. 49(6), pages 1477-99, November.
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Cited by:
  1. Kay Mitusch & Roland Strausz, 2005. "Mediation in Situations of Conflict and Limited Commitment," Journal of Law, Economics and Organization, Oxford University Press, vol. 21(2), pages 467-500, October.
  2. Kevin D. Cotter, 1989. "Communication Equilibria with Large State Spaces," Discussion Papers 862, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Robert Cooter & Winand Emons, 2003. "Truth-Revealing Mechanisms for Courts," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 159(2), pages 259-, June.
  4. Winand Emons, 2005. "Perjury versus Truth Revelation: Quantity or Quality of Testimony," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 161(3), pages 392-, September.
  5. Roger B. Myerson, 1984. "Acceptable and Predominant Correlated Equilibria," Discussion Papers 591, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Kevin Cotter, 1988. "Similarity of Correlated Equilibria," Discussion Papers 781, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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