Abstract
The (ϵ)-perfect correlated equilibria (PCE) are those induced by a (ϵ)-perfect equilibrium of some correlation device. The “revelation principle” fails for this concept—the direct mechanism may not yield a perfect equilibrium. The approximately perfect correlated equilibria (APCE) are the limits ofϵ-PCE, and we obtain a full characterisation for them. Even the APCE are “acceptable.” We argue in an example that, among those, it is the PCE which seem the “right” concept.Journal of Economic LiteratureClassification Number: C72.
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