Perfect correlated equilibria
Article Abstract:
A perfect correlated equilibria (PCE) requires "canonical representation" derived from an original game which provides parallel strategies for subsequent extended games. Although a generalized form of this representation, called "revelation principle," provides players with direct equilibrium devices, it fails to assure the existence of PCE. This principle is acceptable only as a distribution effect of equilibrium strategies and not as a direct PCE alternative.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1996
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Existence and properties of equilibria for a dynamic game on productive assets
Article Abstract:
Analysis of a production function using a model that has two agents which share productive resources or assets, sometimes noncooperatively, shows that there exists Nash equilibria whose number reaches infinity. Such an equilibrium continuum is composed of stationary Markovian strategies. The consequent inefficiency that characterizes long-run asset stock arises from overconsumption which happens because of the tendency towards non-cooperative behavior.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1996
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