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Perfect correlated equilibria

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  • DHILLON, Amrita

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium and Center for Mathematical Economics and Game Theory, S.U.N.Y. at Stony Brook, NY 11794, U.S.A)

  • MERTENS, Jean-François

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium and Center for Mathematical Economics and Game Theory, S.U.N.Y. at Stony Brook, NY 11794, U.S.A)

Abstract

The ([ epsilon ] -) perfect correlated equilibria (P.C.E.) are those induced by a ([ epsilon ] -) perfect equilibrium of some correlation device. The "revelation principle" fails for this concept - the direct mechanism may not yield a perfect equilibrium. The approximately perfect correlated equilibria (A.P.C.E.) are the limits of [ epsilon ]-P.C.E., and we obtain a full characterisation for them. Even the A.P.C.E. are "acceptable". We argue on an example that, among those, these are the P.C.E. which seem the "right" concept.

Suggested Citation

  • DHILLON, Amrita & MERTENS, Jean-François, 1992. "Perfect correlated equilibria," LIDAM Discussion Papers CORE 1992039, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1992039
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