In Economics and Social Sciences Working Papers Series Multiple Equilibria as a Difficulty in Understanding Correlated Distributions

Multiple Equilibria as a Difficulty in Understanding Correlated Distributions∗

We view achieving a particular correlated equilibrium distribution for a normal form game as an implementation problem. We show, using a parametric version of the two-person Chicken game and a wide class of correlated equilibrium distributions, that a social choice function that chooses a particular correlated equilibrium distribution from this class does not satisfy the Maskin monotonicity con...

In Economics and Social Sciences Working Papers Series Ex-post Regret Learning in Games with Fixed and Random Matching: the Case of Private Values Ex-post Regret Learning in Games with Fixed and Random Matching: the Case of Private Values *

In contexts in which players have no priors, we analyze a learning process based on ex-post regret as a guide to understand how to play games of incomplete information under private values. The conclusions depend on whether players interact within a fixed set (fixed matching) or they are randomly matched to play the game (random matching). The relevant long run predictions are minimal sets that...

In Economics and Social Sciences Working Papers Series Cooperative Games with Incomplete Information: Some Open Problems

This is a brief survey describing some of the recent progress and open problems in the area of cooperative games with incomplete information. We discuss exchange economies, cooperative Bayesian games with orthogonal coalitions, and issues of cooperation in non-cooperative Bayesian games.

Department of Social Sciences Economics Working Papers

Nber Working Paper Series a Search for Multiple Equilibria in Urban Industrial Structure

Theories featuring multiple equilibria are now widespread across many fields of economics. Yet little empirical work has asked if such multiple equilibria are salient features of real economies. We examine this in the context of the Allied bombing of Japanese cities and industries in WWII. We develop a new empirical test for multiple equilibria and apply it to data for 114 Japanese cities in ei...