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Multiple Equilibria as a Difficulty in Understanding Correlated Distributions

We view achieving a particular correlated equilibrium distribution for a normal form game as an implementation problem. We show, using a parametric version of the two-person Chicken game and a wide class of correlated equilibrium distributions, that a social choice function that chooses a particular correlated equilibrium distribution from this class does not satisfy the Maskin monotonicity condition and therefore can not be fully implemented in Nash equilibrium

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File URL: http://www.brown.edu/academics/economics/sites/brown.edu.academics.economics/files/uploads/wp2005/2005-10_paper.pdf
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Paper provided by Brown University, Department of Economics in its series Working Papers with number 2005-10.

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Date of creation: 2005
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Handle: RePEc:bro:econwp:2005-10
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Department of Economics, Brown University, Providence, RI 02912

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  1. Dino Gerardi, 2002. "Unmediated Communication in Games with Complete and Incomplete Information," Cowles Foundation Discussion Papers 1371, Cowles Foundation for Research in Economics, Yale University.
  2. Robert J. Aumann & Sergiu Hart, 2002. "Long Cheap Talk," Discussion Paper Series dp284, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem, revised Nov 2002.
  3. Forges, Francoise, 1990. "Universal Mechanisms," Econometrica, Econometric Society, vol. 58(6), pages 1341-64, November.
  4. Ehud Lehrer & Sylvain Sorin, 1994. "One-Shot Public Mediated Talk," Discussion Papers 1108, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
  6. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
  7. Roberto Serrano, 2003. "The Theory of Implementation of Social Choice Rules," Working Papers 2003-19, Brown University, Department of Economics.
  8. Indrajit Ray, 2002. "Multiple Equilibrium Problem and Non-Canonical Correlation Devices," Working Papers 2002-24, Brown University, Department of Economics.
  9. Ben-Porath, Elchanan, 1998. "Correlation without Mediation: Expanding the Set of Equilibrium Outcomes by "Cheap" Pre-play Procedures," Journal of Economic Theory, Elsevier, vol. 80(1), pages 108-122, May.
  10. repec:dau:papers:123456789/6244 is not listed on IDEAS
  11. GOSSNER, Olivier, 1997. "Secure protocols or how communication generates correlation," CORE Discussion Papers 1997092, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Eric Maskin, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Oxford University Press, vol. 66(1), pages 23-38.
  13. Ben-Porath, Elchanan, 2003. "Cheap talk in games with incomplete information," Journal of Economic Theory, Elsevier, vol. 108(1), pages 45-71, January.
  14. Maskin, Eric & Sjostrom, Tomas, 2001. "Implementation Theory," Working Papers 5-01-1, Pennsylvania State University, Department of Economics.
  15. repec:dau:papers:123456789/6031 is not listed on IDEAS
  16. Lehrer, Ehud, 1996. "Mediated Talk," International Journal of Game Theory, Springer, vol. 25(2), pages 177-88.
  17. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  18. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June.
  19. Abreu, Dilip & Sen, Arunava, 1991. "Virtual Implementation in Nash Equilibrium," Econometrica, Econometric Society, vol. 59(4), pages 997-1021, July.
  20. Olivier Gossner & Nicolas Vieille, 2001. "Repeated communication through the mechanism," International Journal of Game Theory, Springer, vol. 30(1), pages 41-60.
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