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On the connection between correlated equilibria and sunspot equilibria

Author

Listed:
  • Julio Dávila

    (Departamento de Eonomia e Historia Economica - UAB - Universitat Autònoma de Barcelona = Autonomous University of Barcelona = Universidad Autónoma de Barcelona)

  • A. Alkan
  • Ch. D. Aliprantis
  • N.C. Yannelis

Abstract

The conjecture stated in Maskin-Tirole (1987) about the existence of a close connection between correlated equilibria of market games modelling economies with asymmetric information about an extrinsic uncertainty and finite markovian stationary sunspot equilibria of related overlapping generations economies is reconsidered in this paper. It is shown that there is no robust example of an overlapping generations economy with a non-negligible set of finite markovian stationary sunspot equilibria which can be identified with correlated equilibria of the corresponding economy à la Maskin-Tirole, and vice versa. This result qualifies the conjectured connection between the two equilibrium concepts in these two frameworks.

Suggested Citation

  • Julio Dávila & A. Alkan & Ch. D. Aliprantis & N.C. Yannelis, 1999. "On the connection between correlated equilibria and sunspot equilibria," Post-Print halshs-00667489, HAL.
    • Handle: RePEc:hal:journl:halshs-00667489
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    Cited by:

    1. Davila, Julio, 2001. "Time and Uncertainty in Overlapping Generations Economies," Journal of Economic Theory, Elsevier, vol. 100(2), pages 356-386, October.
    2. Indrajit Ray & Sonali Sen Gupta, 2012. "Coarse correlated Equilibria in Linear Duopoly Games," Discussion Papers 11-14rr, Department of Economics, University of Birmingham.
    3. Davila, Julio, 2003. "Multiplicity, instability and sunspots in games," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 197-217, June.
    4. Polemarchakis, Herakles M. & Ray, Indrajit, 2006. "Sunspots, correlation and competition," Games and Economic Behavior, Elsevier, vol. 56(1), pages 174-184, July.
    5. Indrajit Ray & Sonali Gupta, 2013. "Coarse correlated equilibria in linear duopoly games," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(2), pages 541-562, May.

    More about this item

    Keywords

    overlapping generations economy; Correlated equilibrium; sunspot equilibrium; overlapping generations economy.;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

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