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On pure-strategy equilibria in games with correlated information

M. Ali Khan and Yongchao Zhang ()

Games and Economic Behavior, 2018, vol. 111, issue C, 289-304

Abstract: This paper rehabilitates a program initiated in Aumann (1974) by contributing a result to the theory of finite-player Bayesian games in environments that explicitly include correlated information. An equivalence theorem offers conditions under which the set of mixed-strategy equilibrium payoffs in a classical finite-action game of complete information coincides with the set of objective pure-strategy Nash equilibrium (PSNE) expected payoffs in an affiliated Bayesian game with type-independent payoffs. This result is motivated for a non-specialist reader by several examples. An Appendix devoted to an intuitive discussion of the so-called ‘Lebesgue extension’ is added to make the paper self-contained.

Keywords: Bayesian games; Pure-strategy equilibrium; Correlated information; Atomless independent supplement; Radner–Rosenthal (RR) example (search for similar items in EconPapers)
JEL-codes: C62 D50 D82 G13 (search for similar items in EconPapers)
Date: 2018
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