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Universal Mechanisms

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  • Forges, Francoise

Abstract

A scheme of plain conversation is constructed, which is a universal mechanism for all noncooperative games with incomplete information with at least four players, in the following sense: every solution that can be achieved by means of an arbitrary communication mechanism is a correlated equilibrium payoff of the game extended by the scheme of plain conversation. By a property of the correlated equilibrium, a similar result holds also with the Nash equilibrium solution concept. The universal mechanism can be used without any loss of efficiency. Copyright 1990 by The Econometric Society.

Suggested Citation

  • Forges, Francoise, 1990. "Universal Mechanisms," Econometrica, Econometric Society, vol. 58(6), pages 1341-1364, November.
    • Handle: RePEc:ecm:emetrp:v:58:y:1990:i:6:p:1341-64
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