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Global Games and Equilibrium Selection

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  • Carlsson, Hans
  • van Damme, Eric

Abstract

A global game is an incomplete information game where the actual payoff structure is determined by a random draw from a given class of games and where each player makes a noisy observation of the selected game. For 2 x 2 games, it is shown that, when the noise vanishes, iterated elimination of dominated strategies in the global game forces the players to conform to J. C. Harsanyi and R. Selten's risk dominance criterion. Copyright 1993 by The Econometric Society.

Suggested Citation

  • Carlsson, Hans & van Damme, Eric, 1993. "Global Games and Equilibrium Selection," Econometrica, Econometric Society, vol. 61(5), pages 989-1018, September.
  • Handle: RePEc:ecm:emetrp:v:61:y:1993:i:5:p:989-1018
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    References listed on IDEAS

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    1. Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812.
    2. Matsui, Akihiko, 1989. "Information leakage forces cooperation," Games and Economic Behavior, Elsevier, vol. 1(1), pages 94-115, March.
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    4. Drew Fudenberg & David M. Kreps & David K. Levine, 2008. "On the Robustness of Equilibrium Refinements," World Scientific Book Chapters,in: A Long-Run Collaboration On Long-Run Games, chapter 5, pages 67-93 World Scientific Publishing Co. Pte. Ltd..
    5. Carlsson, H. & Van Damme, E., 1989. "Global Payoff Uncertainty And Risk Dominance," Papers 8933, Tilburg - Center for Economic Research.
    6. Aumann, Robert J. & Sorin, Sylvain, 1989. "Cooperation and bounded recall," Games and Economic Behavior, Elsevier, vol. 1(1), pages 5-39, March.
    7. Brandenburger, Adam & Dekel, Eddie, 1987. "Common knowledge with probability 1," Journal of Mathematical Economics, Elsevier, vol. 16(3), pages 237-245, June.
    8. Monderer, Dov & Samet, Dov, 1989. "Approximating common knowledge with common beliefs," Games and Economic Behavior, Elsevier, vol. 1(2), pages 170-190, June.
    9. Rubinstein, Ariel, 1989. "The Electronic Mail Game: Strategic Behavior under "Almost Common Knowledge."," American Economic Review, American Economic Association, vol. 79(3), pages 385-391, June.
    10. repec:fth:harver:1479 is not listed on IDEAS
    11. Anderlini, Luca, 1999. "Communication, Computability, and Common Interest Games," Games and Economic Behavior, Elsevier, vol. 27(1), pages 1-37, April.
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