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Journal Article
A Commitment Folk Theorem
Games and Economic Behavior
Author(s)
Conditional commitments are used by players who wish to strengthen their strategic positions.
We propose a model of conditional commitments that unifies earlier models and avoids the pitfalls and circularities of such commitments.
A commitment folk theorem shows that the potential of conditional commitment is essentially unlimited. All feasible and individually-rational payoffs of a two-person strategic game can be attained at the equilibria of one (universal) voluntary commitment game that uses simple commitment devices.
Date Published:
2010
Citations:
Kalai, Adam, Ehud Kalai, Ehud Lehrer, Dov Samet. 2010. A Commitment Folk Theorem. Games and Economic Behavior. (1)127-137.