Econometrica Vol. 58 No. 6 1990
Universal Mechanisms
Abstract
A scheme of plain conversation is constructed, which is a universal mechanism for all noncooperative games with incomplete information with at least four players, in the following sense: every solution that can be achieved by means of an arbitrary communication mechanism is a correlated equilibrium payoff of the game extended by the scheme of plain conversation. By a property of the correlated equilibrium, a similar result holds also with the Nash equilibrium solution concept. The universal mechanism can be used without any loss of efficiency.
- DOI
- 10.2307/2938319
- Volume
- 58
- Issue
- 6
- Pages
- 1341
- Sources
- bibtex:phds-export.bib crossref openalex