This paper characterizes the equilibrium outcomes of two-stage games in which the second mover has private information and can sign renegotiable contracts with a neutral third-party. Our aim is to understand whether renegotiation-proof third-party contracts can confer a strategic advantage on...

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