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Multiple equilibria as a difficulty in understanding correlated distributions

  • Serrano, Roberto
  • Ray, Indrajit
  • Kar, Anirban

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://e-archivo.uc3m.es/bitstream/handle/10016/366/we057238.pdf?sequence=1
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Paper provided by Universidad Carlos III de Madrid. Departamento de Economía in its series UC3M Working papers. Economics with number we057238.

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Date of creation: Nov 2005
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Handle: RePEc:cte:werepe:we057238
Contact details of provider: Web page: http://www.eco.uc3m.es/

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  1. Lehrer, Ehud & Sorin, Sylvain, 1997. "One-Shot Public Mediated Talk," Games and Economic Behavior, Elsevier, vol. 20(2), pages 131-148, August.
  2. 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.
  3. Eric Maskin, 1999. "Nash Equilibrium and Welfare Optimality," Review of Economic Studies, Oxford University Press, vol. 66(1), pages 23-38.
  4. Matsushima, Hitoshi, 1988. "A new approach to the implementation problem," Journal of Economic Theory, Elsevier, vol. 45(1), pages 128-144, June.
  5. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
  6. Gerardi, Dino, 2004. "Unmediated communication in games with complete and incomplete information," Journal of Economic Theory, Elsevier, vol. 114(1), pages 104-131, January.
  7. FORGES, Françoise, . "Universal mechanisms," CORE Discussion Papers RP 914, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. 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).
  9. AUMANN, Robert J., . "Subjectivity and correlation in randomized strategies," CORE Discussion Papers RP 167, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Maskin, Eric & Sjostrom, Tomas, 2001. "Implementation Theory," Working Papers 5-01-1, Pennsylvania State University, Department of Economics.
  11. Olivier Gossner & Nicolas Vieille, 2001. "Repeated communication through the mechanism," International Journal of Game Theory, Springer, vol. 30(1), pages 41-60.
  12. Lehrer, Ehud, 1996. "Mediated Talk," International Journal of Game Theory, Springer, vol. 25(2), pages 177-88.
  13. Roberto Serrano, 2003. "The Theory of Implementation of Social Choice Rules," Economics Working Papers 0033, Institute for Advanced Study, School of Social Science.
  14. repec:dau:papers:123456789/6244 is not listed on IDEAS
  15. Ben-Porath, Elchanan, 2003. "Cheap talk in games with incomplete information," Journal of Economic Theory, Elsevier, vol. 108(1), pages 45-71, January.
  16. 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.
  17. Robert J. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Working Paper Archive 661465000000000377, David K. Levine.
  18. Abreu, Dilip & Sen, Arunava, 1991. "Virtual Implementation in Nash Equilibrium," Econometrica, Econometric Society, vol. 59(4), pages 997-1021, July.
  19. repec:dau:papers:123456789/6031 is not listed on IDEAS
  20. Indrajit Ray, 2002. "Multiple Equilibrium Problem and Non-Canonical Correlation Devices," Working Papers 2002-24, Brown University, Department of Economics.
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