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Correlated equilibrium (Aumann, 1974) generalizes Nash equilibrium to allow correlation devices. Aumann showed an example of a game, and of a correlated equilibrium in this game, in which the agents surplus (expected sum of payo s) is greater than their surplus in all mixed-strategy equilibria. Following the idea initiated by the price of anarchy literature (Koutsoupias & Papadimitriou, 1999;Papadimitriou, 2001) this suggests the study of two major measures for the value of correlation in a game with non-negative payoffs: 1. The ratio between the maximal surplus obtained in a correlated equilibrium to the maximal surplus obtained in a mixed-strategy equilibrium. We refer to this ratio as the mediation value. 2. The ratio between the maximal surplus to the maximal surplus obtained in a correlated equilibrium. We refer to this ratio as the enforcement value. In this work we initiate the study of the mediation and enforcement values, providing several general results on the value of correlation as captured by these concepts. We also present a set of results for the more specialized case of congestion games (Rosenthal,1973), a class of games that received a lot of attention in the recent literature.
We consider Young (1985)s characterization of the Shapley value, and give a new proof of this axiomatization. Moreover, as applications of the new proof, we show that Young (1985)s axiomatization of the Shapley value works on various well-known subclasses of TU games.
In some games, additional information hurts a player, e.g., in games with first-mover advantage, the second-mover is hurt by seeing the first-movers move. What properties of a game determine whether it has such negative value of information for a par
We study higher statistical moments of Distortion for randomized social choice in a metric implicit utilitarian model. The Distortion of a social choice mechanism is the expected approximation factor with respect to the optimal utilitarian social cos
In markets such as digital advertising auctions, bidders want to maximize value rather than payoff. This is different to the utility functions typically assumed in auction theory and leads to different strategies and outcomes. We refer to bidders who
Partially defined cooperative games are a generalisation of classical cooperative games in which the worth of some of the coalitions is not known. Therefore, they are one of the possible approaches to uncertainty in cooperative game theory. The main