Revelation Principles in Multistage Games∗
نویسندگان
چکیده
We study the revelation principle in multistage games for perfect Bayesian equilibium and sequential equilibrium. The question of whether or not the revelation principle holds is subtle, as expanding players’ opportunities for communication expands the set of consistent beliefs at off-path information sets. In settings with adverse selection but no moral hazard, Nash, perfect Bayesian, and sequential equilibrium are essentially equivalent, and a virtual-implementation version of the revelation principle holds. In general, we show that the revelation principle holds for weak perfect Bayesian equilibrium and for a stronger notion of perfect Bayesian equilibrium introduced by Myerson (1986). Our main result is that the latter notion of perfect Bayesian equilibrium is outcome-equivalent to sequential equilibrium when the mediator can tremble; this provides a revelation principle for sequential equilibrium. When the mediator cannot tremble, the revelation principle for sequential equilibrium can fail. Preliminary. Comments Welcome. ∗For helpful comments, we thank Drew Fudenberg, Dino Gerardi, Shengwu Li, Roger Myerson, Alessandro Pavan, Harry Pei, Juuso Toikka, and Bob Wilson.
منابع مشابه
The Revelation and Delegation Principles in Common Agency Games
In the context of common agency adverse-selection games we illustrate that the revelation principle cannot be applied to study equilibria of the multi-principal games. We then demonstrate that an extension of the taxation principle – what we term the “delegation principle” – can be used to characterize the set of all common agency equilibria. JEL Classification: D82, L51.
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