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Comparison of information structures

Author Info

Listed author(s):
• Olivier Gossner

Abstract

We introduce two ways of comparing information structures, say ${\cal I}$ and ${\cal J}$. First we say that ${\cal I}$ is richer than ${\cal J}$ when for every compact game $G$, all correlated equilibrium distributions of $G$ induced by ${\cal J}$ are also induced by ${\cal I}$. Second, we say that ${\cal J}$ is faithfully reproducable from ${\cal I}$ when all the players can compute from their information in ${\cal I}$ new information'' that they could have received from ${\cal J}$. We prove that ${\cal I}$ is richer than ${\cal J}$ if and only if ${\cal J}$ is faithfully reproducable from ${\cal I}$.

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File URL: https://econ-papers.upf.edu/papers/169.pdf
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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 169.

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 Length: Date of creation: May 1996 Handle: RePEc:upf:upfgen:169 Contact details of provider: Web page: http://www.econ.upf.edu/

References

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1. repec:dau:papers:123456789/6244 is not listed on IDEAS
2. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
3. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
4. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September.
5. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Journal of Economic Theory, Elsevier, vol. 83(1), pages 69-89, November.
6. Neyman, Abraham, 1991. "The positive value of information," Games and Economic Behavior, Elsevier, vol. 3(3), pages 350-355, August.
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