Efficiency in games with markovian private information

• Autores: Juan F. Escobar, Juuso Toikka
• Localización: Econométrica: Journal of the Econometric Society, ISSN 0012-9682, Vol. 81, Nº 5, 2013, págs. 1887-1934
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • We study repeated Bayesian games with communication and observable actions in which the players' privately known payoffs evolve according to an irreducible Markov chain whose transitions are independent across players. Our main result implies that, generically, any Pareto-efficient payoff vector above a stationary minmax value can be approximated arbitrarily closely in a perfect Bayesian equilibrium as the discount factor goes to 1. As an intermediate step, we construct an approximately efficient dynamic mechanism for long finite horizons without assuming transferable utility. [PUBLICATION ABSTRACT]