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The Comparison of Information Structures in Games: Bayes Correlated Equilibrium and Individual Sufficiency

Dirk Bergemann and Stephen Morris

No 1909R, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The set of outcomes that can arise in Bayes Nash equilibria of an incomplete information game where players may have access to additional signals beyond the given information structure is characterized and shown to be equivalent to the set of a version of incomplete information correlated equilibria which we dub Bayes correlated equilibria. A game of incomplete information can be decomposed into a basic game, given by actions sets and payoff functions, and an information structure. We introduce a partial order on many player information structures -- which we call individual sufficiency -- under which more information shrinks the set of Bayes correlated equilibria. We discuss the relation of the solution concept to alternative definitions of correlated equilibrium in incomplete information games and of the partial order on information structures to others, including Blackwell's for the single player case.

Keywords: Correlated equilibrium; Incomplete information; Robust predictions; Information structure; Sufficiency; Blackwell ordering (search for similar items in EconPapers)
JEL-codes: C72 D82 D83 (search for similar items in EconPapers)
Pages: 58 pages
Date: 2013-09, Revised 2014-05
New Economics Papers: this item is included in nep-cta, nep-gth, nep-hpe, nep-ict and nep-mic
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Working Paper: The Comparison of Information Structures in Games: Bayes Correlated Equilibrium and Individual Sufficiency (2013) Downloads
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