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Correlated Equilibrium in a Nutshell

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  • Rabah Amir
  • Sergei Belkov
  • Igor V. Evstigneev

Abstract

We analyze the concept of correlated equilibrium in the framework of two-player two-strategy games. This simple framework makes it possible to clearly demonstrate the characteristic features of this concept. We develop an intuitive and easily memorizable test for equilibrium conditions and provide a complete classification of symmetric correlated equilibria in symmetric games.

Suggested Citation

  • Rabah Amir & Sergei Belkov & Igor V. Evstigneev, 2017. "Correlated Equilibrium in a Nutshell," The School of Economics Discussion Paper Series 1706, Economics, The University of Manchester.
  • Handle: RePEc:man:sespap:1706
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    1. Sergiu Hart & Andreu Mas-Colell, 2000. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Econometrica, Econometric Society, vol. 68(5), pages 1127-1150, September.
    2. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
    3. Forges, Francoise, 1990. "Universal Mechanisms," Econometrica, Econometric Society, vol. 58(6), pages 1341-1364, November.
    4. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
    5. Dhillon, Amrita & Mertens, Jean Francois, 1996. "Perfect Correlated Equilibria," Journal of Economic Theory, Elsevier, vol. 68(2), pages 279-302, February.
    6. Sergiu Hart & David Schmeidler, 2013. "Existence Of Correlated Equilibria," World Scientific Book Chapters,in: Simple Adaptive Strategies From Regret-Matching to Uncoupled Dynamics, chapter 1, pages 3-14 World Scientific Publishing Co. Pte. Ltd..
    7. Forges, Francoise M, 1986. "An Approach to Communication Equilibria," Econometrica, Econometric Society, vol. 54(6), pages 1375-1385, November.
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