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.

We consider multi-stage games, where at each stage, players receive private signals about past and current states, past actions and past signals, and choose actions. We fully characterize the distributions over actions, states, and signals that obtain in any (sequential) communication...