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We show that any correlation device with rational coefficients can be generated by a mechanism where each player sends a private message to a mediator who in turn makes a public deterministic announcement. Moreover, the mechanism suggested is immunized against individual deviations.
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We deal with the concept of e-consistent equilibrium which corresponds to strategies inducing an e-equilbrium in any subgame reached along the play path. Examples and existence conditions are given.
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We show that any correlation device with rational coefficients can be generated by a mechanism where each player sends a private message to a mediator who in turn makes a public deterministic announcement. Moreover, the mechanism suggested is immunized against individual deviations.
Persistent link: https://www.econbiz.de/10005252444
We introduce the concept of -consistent equilibrium where each player plays a -best response after every history reached with positive probability. In particular, an -consistent equilibrium induces an -equilibrium in any subgame reached along the play path. The existence of -consistent...
Persistent link: https://www.econbiz.de/10005375588
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We introduce the concept of -consistent equilibrium where each player plays a -best response after every history reached with positive probability. In particular, an -consistent equilibrium induces an -equilibrium in any subgame reached along the play path. The existence of -consistent...
Persistent link: https://www.econbiz.de/10014215916