Definable and Contractible Contracts
研究贝叶斯标准型博弈中玩家可写合同约束彼此行动,要求合同用形式语言表示,并完全刻画了纯策略贝叶斯均衡下可支持的分配集合,信息完全时得到民间定理。
This paper analyzes Bayesian normal form games in which players write contracts that condition their actions on the contracts of other players. These contracts are required to be representable in a formal language. This is accomplished by constructing contracts which are definable functions of the Godel code of every other player's contract. We provide a complete characterization of the set of allocations supportable as pure-strategy Bayesian equilibria of this contracting game. When information is complete, this characterization provides a folk theorem. In general, the set of supportable allocations is smaller than the set supportable by a centralized mechanism designer.