Perfect correlated equilibria

Dhillon, A;Mertens, Jean-François
(1996) Journal of Economic Theory — Vol. 68, n° 2, p. 279-302 (1996)

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Authors
  • Dhillon, A
    Author
  • Mertens, Jean-FrançoisUCLouvain
    Author
Abstract
The (epsilon)-perfect correlated equilibria (PCE) are those induced by a (epsilon)-perfect equilibrium of some correlation device. The ''revelation principle'' fails for this concept-the direct mechanism map not yield a perfect equilibrium. The approximately perfect correlated equilibria (APCE) are the limits of epsilon-PCE, and we obtain a full characterisation for them. Even the APCE are ''acceptable.'' We argue in an example that, among those, it is the PCE which seem the ''right'' concept. (C) 1996 Academic Press, Inc.
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Dhillon, A., & Mertens, J.-F. (1996). Perfect correlated equilibria. Journal of Economic Theory, 68(2), 279-302. https://doi.org/10.1006/jeth.1996.0018 (Original work published 1996)