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A generalization of correlated equilibrium: A new protocol

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  • Forgó, Ferenc
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    Abstract

    A new correlation scheme (leading to a special equilibrium called "soft" correlated equilibrium) is introduced for finite games. After randomization over the outcome space, players have the choice either to follow the recommendation of an umpire blindly or freely choose some other action except the one suggested. This scheme can lead to Pareto-better outcomes than the simple extension introduced by [Moulin, H., Vial, J.-P., 1978. Strategically zero-sum games: the class of games whose completely mixed equilibria cannot be improved upon. International Journal of Game Theory 7, 201-221]. The informational and interpretational aspects of soft correlated equilibria are also discussed in detail. The power of the generalization is illustrated in the prisoners's dilemma and a congestion game.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0165-4896(10)00070-3
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    Article provided by Elsevier in its journal Mathematical Social Sciences.

    Volume (Year): 60 (2010)
    Issue (Month): 3 (November)
    Pages: 186-190

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    Handle: RePEc:eee:matsoc:v:60:y:2010:i:3:p:186-190
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505565

    Keywords: Correlation Nash equilibrium Protocol;

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    1. Timothy Cason & Tridib Sharma, 2007. "Recommended play and correlated equilibria: an experimental study," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 33(1), pages 11-27, October.
    2. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
    3. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    4. Young, H. Peyton, 2004. "Strategic Learning and its Limits," OUP Catalogue, Oxford University Press, number 9780199269181, April.
    5. Forgo, Ferenc & Fulop, Janos & Prill, Maria, 2005. "Game theoretic models for climate change negotiations," European Journal of Operational Research, Elsevier, vol. 160(1), pages 252-267, January.
    6. FORGES, Françoise, "undated". "Five legitimate definitions of correlated equilibrium in games with incomplete informations," CORE Discussion Papers RP 1071, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    7. Forges, Francoise M, 1986. "An Approach to Communication Equilibria," Econometrica, Econometric Society, vol. 54(6), pages 1375-1385, November.
    8. Myerson, Roger B, 1986. "Multistage Games with Communication," Econometrica, Econometric Society, vol. 54(2), pages 323-358, March.
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