Extreme Equilibria: The Benefits of Correlation

We thank S. Nageeb Ali, Benjamin Brooks, Ron Holzman, Emir Kamenica, Navin Kartik, Richard McLean, Stephen Morris, Stephan Lauermann, Jacopo Perego, Doron Ravid, Vasiliki Skreta, Éva Tardos, and Alexander Wolitzky for helpful comments and suggestions. We also appreciate the input of seminar and conference audiences at ASSA 2025, Chicago, Columbia, Collegio Carlo Alberto, CUNY, EC 2025, Georgia, Harvard, HSE, MIT, Ohio State, Oxford, Penn, Penn State, Rochester, Rutgers, Stanford, Stony Brook, UC Berkeley, and Wisconsin-Madison. We gratefully acknowledge financial support from the National Science Foundation through grant SES-1949381. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.