2011•Unpublished venueRequires access
Bayesian games with contracts
Françoise Forgesy
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Abstract
The set of all Bayesian-Nash equilibrium payo¤s that the players can achieve by signing (conditional) commitments before playing a Bayesian game coincides with the set of all feasible, incentive compat-ible and interim individually rational payo¤s of the Bayesian game. Furthermore, the various equilibrium payo¤s, which are achieved by means of di¤erent commitment devices, are also the equilibrium pay-o¤s of a universal, deterministic commitment game.