99:(1998) considered a stylized currency crises model, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result overturns the result in models of
106:
One concern with the robustness of this result is that the introduction of a theory of prices in global coordination games may reintroduce multiplicity of equilibria. This concern was addressed in
45:
are games of incomplete information where players receive possibly-correlated signals of the underlying state of the world. Global games were originally defined by
Carlsson and
118:
and coauthors (2006). They show that equilibrium multiplicity may be restored by the existence of prices acting as an endogenous public signal, provided that
386:
238:
Angeletos, George-Marios; Werning, Ivan (2006). "Crises and Prices: Information
Aggregation, Multiplicity, and Volatility".
1285:
218:
1102:
637:
435:
1448:
921:
740:
542:
1011:
881:
552:
92:
720:
181:
Morris, Stephen; Shin, Hyun Song (1998). "Unique
Equilibrium in a Model of Self-Fulfilling Currency Attacks".
1062:
480:
455:
1412:
838:
592:
582:
517:
17:
632:
612:
1346:
1097:
1067:
725:
567:
562:
1382:
1305:
1041:
597:
522:
379:
81:
68:. However, they have other relevant applications such as investments with payoff complementarities,
1397:
1130:
1016:
813:
607:
425:
208:
Atkeson, Andrew G. (2001). "Rethinking
Multiple Equilibria in Macroeconomic Modeling: Comment". In
1200:
1402:
1001:
971:
627:
415:
107:
1427:
1407:
1387:
1336:
1006:
911:
770:
715:
647:
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140:
886:
871:
445:
357:
1220:
1205:
1092:
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372:
100:
8:
1377:
996:
946:
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1036:
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1026:
876:
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660:
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336:
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65:
1341:
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1031:
986:
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115:
1422:
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931:
572:
509:
495:
460:
326:
291:
255:
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155:
53:
1320:
1280:
1235:
1150:
1145:
866:
818:
705:
470:
440:
410:
209:
73:
69:
61:
1185:
348:
Morris, Stephen; Shin, Hyun S. (2001). "Global Games: Theory and
Applications".
111:
1260:
1250:
1240:
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1165:
1155:
1140:
936:
916:
901:
896:
856:
823:
808:
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602:
213:
96:
57:
52:
The most important practical application of global games has been the study of
46:
1442:
1300:
1290:
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1230:
1210:
981:
956:
828:
798:
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622:
557:
490:
28:
1275:
1270:
1125:
700:
295:
251:
1392:
1195:
1190:
1170:
966:
951:
730:
665:
655:
485:
420:
396:
77:
38:
364:
276:
260:
1021:
675:
331:
314:
167:
194:
926:
846:
670:
224:
34:
159:
1361:
861:
1082:
1072:
750:
119:
315:"A Primer on Global Games applied to Macroeconomics and Finance"
275:
Hellwig, Christian; Mukherji, Arijit; Tsyvinski, Aleh (2006).
851:
277:"Self-Fulfilling Currency Crises: The Role of Interest Rates"
87:
274:
80:, and any other economic situation which displays
138:
1440:
237:
380:
201:
387:
373:
347:
312:
180:
394:
330:
259:
88:Global games in models of currency crises
141:"Global Games and Equilibrium Selection"
139:Carlsson, Hans; van Damme, Eric (1993).
207:
14:
1441:
368:
103:, which feature multiple equilibria.
24:
436:First-player and second-player win
350:Cowles Foundation Discussion Paper
313:Jorge, José; Rocha, Joana (2015).
306:
25:
1460:
543:Coalition-proof Nash equilibrium
553:Evolutionarily stable strategy
268:
231:
174:
132:
13:
1:
481:Simultaneous action selection
125:
1413:List of games in game theory
593:Quantal response equilibrium
583:Perfect Bayesian equilibrium
518:Bayes correlated equilibrium
7:
882:Optional prisoner's dilemma
613:Self-confirming equilibrium
319:Journal of Economic Surveys
54:crises in financial markets
10:
1465:
1347:Principal variation search
1063:Aumann's agreement theorem
726:Strategy-stealing argument
638:Trembling hand equilibrium
568:Markov perfect equilibrium
563:Mertens-stable equilibrium
221:Macroeconomics Annual 2000
26:
1383:Combinatorial game theory
1370:
1329:
1111:
1055:
1042:Princess and monster game
837:
739:
646:
598:Quasi-perfect equilibrium
523:Bayesian Nash equilibrium
504:
403:
122:is sufficiently precise.
82:strategic complementarity
1449:Game theory game classes
1398:Evolutionary game theory
1131:Antoine Augustin Cournot
1017:Guess 2/3 of the average
814:Strictly determined game
608:Satisfaction equilibrium
426:Escalation of commitment
284:American Economic Review
240:American Economic Review
183:American Economic Review
1403:Glossary of game theory
1002:Stackelberg competition
628:Strong Nash equilibrium
1428:Tragedy of the commons
1408:List of game theorists
1388:Confrontation analysis
1098:Sprague–Grundy theorem
618:Sequential equilibrium
538:Correlated equilibrium
1201:Jean-François Mertens
296:10.1257/aer.96.5.1769
252:10.1257/aer.96.5.1720
1330:Search optimizations
1206:Jennifer Tour Chayes
1093:Revelation principle
1088:Purification theorem
1027:Nash bargaining game
992:Bertrand competition
977:El Farol Bar problem
942:Electronic mail game
907:Lewis signaling game
451:Hierarchy of beliefs
101:complete information
1378:Bounded rationality
997:Cournot competition
947:Rock paper scissors
922:Battle of the sexes
912:Volunteer's dilemma
784:Perfect information
711:Dominant strategies
548:Epsilon-equilibrium
431:Extensive-form game
120:private information
1357:Paranoid algorithm
1337:Alpha–beta pruning
1216:John Maynard Smith
1047:Rendezvous problem
887:Traveler's dilemma
877:Gift-exchange game
872:Prisoner's dilemma
789:Large Poisson game
756:Bargaining problem
661:Backward induction
633:Subgame perfection
588:Proper equilibrium
332:10.1111/joes.12071
227:. pp. 162–71.
114:(2006) as well as
1436:
1435:
1342:Aspiration window
1311:Suzanne Scotchmer
1266:Oskar Morgenstern
1161:Donald B. Gillies
1103:Zermelo's theorem
1032:Induction puzzles
987:Fair cake-cutting
962:Public goods game
892:Coordination game
766:Intransitive game
696:Forward induction
578:Pareto efficiency
558:Gibbs equilibrium
528:Berge equilibrium
476:Simultaneous game
223:. Cambridge, MA:
16:(Redirected from
1456:
1423:Topological game
1418:No-win situation
1316:Thomas Schelling
1296:Robert B. Wilson
1256:Merrill M. Flood
1226:John von Neumann
1136:Ariel Rubinstein
1121:Albert W. Tucker
972:War of attrition
932:Matching pennies
573:Nash equilibrium
496:Mechanism design
461:Normal-form game
416:Cooperative game
389:
382:
375:
366:
365:
361:
344:
334:
300:
299:
290:(5): 1769–1787.
281:
272:
266:
265:
263:
235:
229:
228:
210:Bernanke, Ben S.
205:
199:
198:
178:
172:
171:
145:
136:
21:
1464:
1463:
1459:
1458:
1457:
1455:
1454:
1453:
1439:
1438:
1437:
1432:
1366:
1352:max^n algorithm
1325:
1321:William Vickrey
1281:Reinhard Selten
1236:Kenneth Binmore
1151:David K. Levine
1146:Daniel Kahneman
1113:
1107:
1083:Negamax theorem
1073:Minimax theorem
1051:
1012:Diner's dilemma
867:All-pay auction
833:
819:Stochastic game
771:Mean-field game
742:
735:
706:Markov strategy
642:
508:
500:
471:Sequential game
456:Information set
441:Game complexity
411:Congestion game
399:
393:
309:
307:Further reading
304:
303:
279:
273:
269:
236:
232:
214:Rogoff, Kenneth
206:
202:
179:
175:
160:10.2307/2951491
154:(5): 989–1018.
143:
137:
133:
128:
90:
74:political riots
70:beauty contests
62:currency crises
31:
23:
22:
15:
12:
11:
5:
1462:
1452:
1451:
1434:
1433:
1431:
1430:
1425:
1420:
1415:
1410:
1405:
1400:
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1368:
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1365:
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1359:
1354:
1349:
1344:
1339:
1333:
1331:
1327:
1326:
1324:
1323:
1318:
1313:
1308:
1303:
1298:
1293:
1288:
1286:Robert Axelrod
1283:
1278:
1273:
1268:
1263:
1261:Olga Bondareva
1258:
1253:
1251:Melvin Dresher
1248:
1243:
1241:Leonid Hurwicz
1238:
1233:
1228:
1223:
1218:
1213:
1208:
1203:
1198:
1193:
1188:
1183:
1178:
1176:Harold W. Kuhn
1173:
1168:
1166:Drew Fudenberg
1163:
1158:
1156:David M. Kreps
1153:
1148:
1143:
1141:Claude Shannon
1138:
1133:
1128:
1123:
1117:
1115:
1109:
1108:
1106:
1105:
1100:
1095:
1090:
1085:
1080:
1078:Nash's theorem
1075:
1070:
1065:
1059:
1057:
1053:
1052:
1050:
1049:
1044:
1039:
1034:
1029:
1024:
1019:
1014:
1009:
1004:
999:
994:
989:
984:
979:
974:
969:
964:
959:
954:
949:
944:
939:
937:Ultimatum game
934:
929:
924:
919:
917:Dollar auction
914:
909:
904:
902:Centipede game
899:
894:
889:
884:
879:
874:
869:
864:
859:
857:Infinite chess
854:
849:
843:
841:
835:
834:
832:
831:
826:
824:Symmetric game
821:
816:
811:
809:Signaling game
806:
804:Screening game
801:
796:
794:Potential game
791:
786:
781:
773:
768:
763:
758:
753:
747:
745:
737:
736:
734:
733:
728:
723:
721:Mixed strategy
718:
713:
708:
703:
698:
693:
688:
683:
678:
673:
668:
663:
658:
652:
650:
644:
643:
641:
640:
635:
630:
625:
620:
615:
610:
605:
603:Risk dominance
600:
595:
590:
585:
580:
575:
570:
565:
560:
555:
550:
545:
540:
535:
530:
525:
520:
514:
512:
502:
501:
499:
498:
493:
488:
483:
478:
473:
468:
463:
458:
453:
448:
446:Graphical game
443:
438:
433:
428:
423:
418:
413:
407:
405:
401:
400:
392:
391:
384:
377:
369:
363:
362:
345:
325:(5): 869–886.
308:
305:
302:
301:
267:
246:(5): 1720–36.
230:
200:
173:
130:
129:
127:
124:
97:Hyun Song Shin
93:Stephen Morris
89:
86:
9:
6:
4:
3:
2:
1461:
1450:
1447:
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1444:
1429:
1426:
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1401:
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1396:
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1391:
1389:
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1384:
1381:
1379:
1376:
1375:
1373:
1371:Miscellaneous
1369:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1343:
1340:
1338:
1335:
1334:
1332:
1328:
1322:
1319:
1317:
1314:
1312:
1309:
1307:
1306:Samuel Bowles
1304:
1302:
1301:Roger Myerson
1299:
1297:
1294:
1292:
1291:Robert Aumann
1289:
1287:
1284:
1282:
1279:
1277:
1274:
1272:
1269:
1267:
1264:
1262:
1259:
1257:
1254:
1252:
1249:
1247:
1246:Lloyd Shapley
1244:
1242:
1239:
1237:
1234:
1232:
1231:Kenneth Arrow
1229:
1227:
1224:
1222:
1219:
1217:
1214:
1212:
1211:John Harsanyi
1209:
1207:
1204:
1202:
1199:
1197:
1194:
1192:
1189:
1187:
1184:
1182:
1181:Herbert Simon
1179:
1177:
1174:
1172:
1169:
1167:
1164:
1162:
1159:
1157:
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1152:
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1119:
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1110:
1104:
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1099:
1096:
1094:
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1089:
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1084:
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1079:
1076:
1074:
1071:
1069:
1066:
1064:
1061:
1060:
1058:
1054:
1048:
1045:
1043:
1040:
1038:
1035:
1033:
1030:
1028:
1025:
1023:
1020:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
998:
995:
993:
990:
988:
985:
983:
982:Fair division
980:
978:
975:
973:
970:
968:
965:
963:
960:
958:
957:Dictator game
955:
953:
950:
948:
945:
943:
940:
938:
935:
933:
930:
928:
925:
923:
920:
918:
915:
913:
910:
908:
905:
903:
900:
898:
895:
893:
890:
888:
885:
883:
880:
878:
875:
873:
870:
868:
865:
863:
860:
858:
855:
853:
850:
848:
845:
844:
842:
840:
836:
830:
829:Zero-sum game
827:
825:
822:
820:
817:
815:
812:
810:
807:
805:
802:
800:
799:Repeated game
797:
795:
792:
790:
787:
785:
782:
780:
778:
774:
772:
769:
767:
764:
762:
759:
757:
754:
752:
749:
748:
746:
744:
738:
732:
729:
727:
724:
722:
719:
717:
716:Pure strategy
714:
712:
709:
707:
704:
702:
699:
697:
694:
692:
689:
687:
684:
682:
681:De-escalation
679:
677:
674:
672:
669:
667:
664:
662:
659:
657:
654:
653:
651:
649:
645:
639:
636:
634:
631:
629:
626:
624:
623:Shapley value
621:
619:
616:
614:
611:
609:
606:
604:
601:
599:
596:
594:
591:
589:
586:
584:
581:
579:
576:
574:
571:
569:
566:
564:
561:
559:
556:
554:
551:
549:
546:
544:
541:
539:
536:
534:
531:
529:
526:
524:
521:
519:
516:
515:
513:
511:
507:
503:
497:
494:
492:
491:Succinct game
489:
487:
484:
482:
479:
477:
474:
472:
469:
467:
464:
462:
459:
457:
454:
452:
449:
447:
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
412:
409:
408:
406:
402:
398:
390:
385:
383:
378:
376:
371:
370:
367:
359:
355:
351:
346:
342:
338:
333:
328:
324:
320:
316:
311:
310:
297:
293:
289:
285:
278:
271:
262:
257:
253:
249:
245:
241:
234:
226:
222:
220:
215:
211:
204:
196:
192:
189:(3): 587–97.
188:
184:
177:
169:
165:
161:
157:
153:
149:
142:
135:
131:
123:
121:
117:
113:
109:
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102:
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94:
85:
83:
79:
75:
71:
67:
63:
59:
55:
50:
48:
44:
40:
36:
30:
29:Globle (game)
19:
1276:Peyton Young
1271:Paul Milgrom
1186:Hervé Moulin
1126:Amos Tversky
1068:Folk theorem
779:-player game
776:
760:
701:Grim trigger
349:
322:
318:
287:
283:
270:
261:1721.1/63311
243:
239:
233:
217:
203:
186:
182:
176:
151:
148:Econometrica
147:
134:
105:
91:
51:
43:global games
42:
32:
18:Global games
1393:Coopetition
1196:Jean Tirole
1191:John Conway
1171:Eric Maskin
967:Blotto game
952:Pirate game
761:Global game
731:Tit for tat
666:Bid shading
656:Appeasement
506:Equilibrium
486:Solved game
421:Determinacy
404:Definitions
397:game theory
78:revolutions
39:game theory
1037:Trust game
1022:Kuhn poker
691:Escalation
686:Deterrence
676:Cheap talk
648:Strategies
466:Preference
395:Topics of
126:References
27:See also:
1221:John Nash
927:Stag hunt
671:Collusion
352:. 1275R.
341:154093787
225:MIT Press
108:Angeletos
58:bank runs
47:van Damme
35:economics
1443:Category
1362:Lazy SMP
1056:Theorems
1007:Deadlock
862:Checkers
743:of games
510:concepts
216:(eds.).
56:such as
49:(1993).
1114:figures
897:Chicken
751:Auction
741:Classes
168:2951491
116:Hellwig
112:Werning
66:bubbles
358:284813
356:
339:
195:116850
193:
166:
64:, and
852:Chess
839:Games
337:S2CID
280:(PDF)
191:JSTOR
164:JSTOR
144:(PDF)
533:Core
354:SSRN
219:NBER
110:and
95:and
76:and
37:and
1112:Key
327:doi
292:doi
256:hdl
248:doi
156:doi
33:In
1445::
847:Go
335:.
323:29
321:.
317:.
288:96
286:.
282:.
254:.
244:96
242:.
212:;
187:88
185:.
162:.
152:61
150:.
146:.
84:.
72:,
60:,
41:,
777:n
388:e
381:t
374:v
360:.
343:.
329::
298:.
294::
264:.
258::
250::
197:.
170:.
158::
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.