A commitment folk theorem

B-Tier
Journal: Games and Economic Behavior
Year: 2010
Volume: 69
Issue: 1
Pages: 127-137

Authors (4)

Kalai, Adam Tauman (not in RePEc) Kalai, Ehud (Northwestern University) Lehrer, Ehud (not in RePEc) Samet, Dov (Tel Aviv University)

Score contribution per author:

0.503 = (α=2.01 / 4 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Real world players often increase their payoffs by voluntarily committing to play a fixed strategy, prior to the start of a strategic game. In fact, the players may further benefit from commitments that are conditional on the commitments of others. This paper proposes a model of conditional commitments that unifies earlier models while avoiding circularities that often arise in such models. A commitment folk theorem shows that the potential of voluntary conditional commitments is essentially unlimited. All feasible and individually rational payoffs of a two-person strategic game can be attained at the equilibria of one (universal) commitment game that uses simple commitment devices. The commitments are voluntary in the sense that each player maintains the option of playing the game without commitment, as originally defined.

Technical Details

RePEc Handle
repec:eee:gamebe:v:69:y:2010:i:1:p:127-137
Journal Field
Theory
Author Count
4
Added to Database
2026-01-25