On the connection between correlated equilibria and sunspot equilibria

Julio Dávila, A. Alkan, Ch. D. Aliprantis and N.C. Yannelis

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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.

Keywords: overlapping generations economy; Correlated equilibrium; sunspot equilibrium; overlapping generations economy. (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (10)

Published in in Current Trends in Economics : Theory and Applications, Springer-Verlag, pp.141 - 156, 1999

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Working Paper: On the Connection Between Correlated Equilibria and Sunspot Equilibria (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00667489

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