Theoretical Economics, Volume 18, Number 4 ( 2023)

Theoretical Economics 18 (2023), 1475–1509

Information design in multi-stage games

Miltiadis Makris, Ludovic Renou


This paper generalizes the concept of Bayes correlated equilibrium (Bergemann and Morris, 2016) to multi-stage games. We apply our characterization results to a number of illustrative examples and applications.

Keywords: Multi-stage games, information design, communication equilibrium, sequential communication equilibrium, information structures, Bayes correlated equilibrium, revelation principle

JEL classification: C73, D82

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