Perfect correlated equilibria in stopping games
We prove that every undiscounted multi-player stopping game in discrete time admits an approximate correlated equilibrium. Moreover, the equilibrium has five appealing properties: (1) “Trembling-hand” perfectness - players do not use non-credible threats; (2) Normal-form correlation - communication is required only before the game starts; (3) Uniformness - it is an approximate equilibrium in any long enough finite-horizon game and in any discounted game with high enough discount factor; (4) Universal correlation device -the device does not depend on the specific parameters of the game. (5) Canonical - the signal each player receives is equivalent to the strategy he plays in equilibrium.
|Date of creation:||10 Jun 2009|
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- Roger B. Myerson, 1984.
"Multistage Games with Communication,"
590, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Barry Nalebuff & John G. Riley, 1984. "Asymmetric Equilibrium in the War of Attrition," UCLA Economics Working Papers 317, UCLA Department of Economics.
- Myerson, R B, 1986. "Acceptable and Predominant Correlated Equilibria," International Journal of Game Theory, Springer;Game Theory Society, vol. 15(3), pages 133-154.
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