Tom Norman (2025/3/31)
Автор: LEG Community
Загружено: 2025-11-04
Просмотров: 2
Sunspots and Coarse Correlated Equilibrium
Sunspot equilibria allow the non-standard features of extrinsic price uncertainty and coordination of agents' choices in general equilibrium. Whilst these features have natural parallels under correlated equilibrium in game theory, the connection between these concepts remains troubled. However, if we instead consider a natural generalization of correlated equilibrium, a clean link can be provided in a game where one of the economy's agents is a "market-maker" who sets prices and clears the market of any excess demand or supply. In an economy with information structure P, when recommended demands must depend on the market-maker's information in a natural way, the set of "P-coarse correlated equilibria" is shown to coincide with the set of P-sunspot equilibria. As a consequence, if each player learns according to "P-smooth fictitious play", then their choices converge to the economy's set of sunspot equilibria.
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