A Commitment Folk Theorem, Games and Economic Behavior
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.
Adam Kalai, Ehud Kalai, Ehud Lehrer, Dov Samet
Kalai, Adam, Ehud Kalai, Ehud Lehrer, and Dov Samet. 2010. A Commitment Folk Theorem. Games and Economic Behavior. 69(1): 127-137.