Equilibrium Binding Agreements
نویسندگان
چکیده
We study equilibrium binding agreements, the coalition structures that form under such agreements, and the efficiency of the outcomes that result. We analyze such agreements in a context where the payoff to each player depends on the actions of all other players. Thus a game in strategic form is a natural starting point. Unlike the device of a characteristic function, explicit attention is paid to the behavior of the complementary set of players when a coalition blocks a proposed agreement. A solution concept and its applications are discussed. Journal of Economic Literature Classification Numbers: C70, C71. 1997 Academic Press
منابع مشابه
Equilibrium binding agreements: a comment
To construct their Equilibrium Binding Agreements, Ray an Vohra [J. Econ. Theory, 73, 1997 ] define a concept of an equilibrium between coalitions. We show that this latter implicitely assumes that players, whithin each coalitions, use correlated strategies. We provide an example where such an equilibrium does not exist when players use uncorrelated strategies.
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