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On the connection between correlated equilibria and sunspot equilibria

Author

Listed:
  • Julio Dávila

    () (Departamento de Eonomia e Historia Economica - Universidad Autonoma de Barcelona)

  • A. Alkan
  • Ch. D. Aliprantis
  • N.C. Yannelis

Abstract

The conjecture stated in Maskin-Tirole (1987) about the existence of a close connection between correlated equilibria of market games modelling economies with asymmetric information about an extrinsic uncertainty and finite markovian stationary sunspot equilibria of related overlapping generations economies is reconsidered in this paper. It is shown that there is no robust example of an overlapping generations economy with a non-negligible set of finite markovian stationary sunspot equilibria which can be identified with correlated equilibria of the corresponding economy à la Maskin-Tirole, and vice versa. This result qualifies the conjectured connection between the two equilibrium concepts in these two frameworks.

Suggested Citation

  • Julio Dávila & A. Alkan & Ch. D. Aliprantis & N.C. Yannelis, 1999. "On the connection between correlated equilibria and sunspot equilibria," Post-Print halshs-00667489, HAL.
  • Handle: RePEc:hal:journl:halshs-00667489
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00667489
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    Cited by:

    1. Polemarchakis, Herakles M. & Ray, Indrajit, 2006. "Sunspots, correlation and competition," Games and Economic Behavior, Elsevier, vol. 56(1), pages 174-184, July.

    More about this item

    Keywords

    overlapping generations economy; Correlated equilibrium; sunspot equilibrium; overlapping generations economy.;

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

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