TY - JOUR
T1 - Correlation without Mediation
T2 - Expanding the Set of Equilibrium Outcomes by "Cheap" Pre-play Procedures
AU - Ben-Porath, Elchanan
PY - 1998/5
Y1 - 1998/5
N2 - LetPbe a correlated equilibrium distribution on the set of outcomes of a gameG. CanPbe implemented by some "cheap" pre-play procedure that does not involve a mediator? It is shown that if there are two distinct Nash equilibrium payoffs for each player inGand ifPis rational (that is, consists of probabilities which are rational numbers) and generates for each playerian expected payoff which is above her worst Nash equilibrium payoff, thenPcan be virtually implemented in a sequential equilibrium of an extended game which is generated by adding a "cheap" pre-play phase.Journal of EconomicLiterature Classification Number: C72.
AB - LetPbe a correlated equilibrium distribution on the set of outcomes of a gameG. CanPbe implemented by some "cheap" pre-play procedure that does not involve a mediator? It is shown that if there are two distinct Nash equilibrium payoffs for each player inGand ifPis rational (that is, consists of probabilities which are rational numbers) and generates for each playerian expected payoff which is above her worst Nash equilibrium payoff, thenPcan be virtually implemented in a sequential equilibrium of an extended game which is generated by adding a "cheap" pre-play phase.Journal of EconomicLiterature Classification Number: C72.
UR - http://www.scopus.com/inward/record.url?scp=0000621526&partnerID=8YFLogxK
U2 - 10.1006/jeth.1998.2397
DO - 10.1006/jeth.1998.2397
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AN - SCOPUS:0000621526
SN - 0022-0531
VL - 80
SP - 108
EP - 122
JO - Journal of Economic Theory
JF - Journal of Economic Theory
IS - 1
ER -