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Correlated Equilibrium with Generalized Information Structures

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Abstract

We study the "generalized correlated equilibria" of a game when players make information processing errors. It is shown that the assumption of information processing errors is equivalent to that of "subjectivity" (i.e., differences between the players' priors). Hence a bounded rationality justification of subjective priors is provided. We also describe the set of distributions on actions induced by generalized correlated equilibria with common priors.

Suggested Citation

  • Geanakoplos & Adam Brandenburger & Eddie Dekel, 1988. "Correlated Equilibrium with Generalized Information Structures," Cowles Foundation Discussion Papers 884R, Cowles Foundation for Research in Economics, Yale University, revised Aug 1989.
    • Handle: RePEc:cwl:cwldpp:884r
    Note: CFP 819.
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d08/d0884-r.pdf
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    Keywords

    Correlated equilibria; subjective priors; bounded rationality;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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