Recently, remarkable progress has been made by approximating Nash equilibrium
(NE), correlated equilibrium (CE), and coarse correlated equilibrium (CCE)
through function approximation that trains a neural network to predict
equilibria from game representations. Furthermore, equivariant architectures
are widely adopted in designing such equilibrium approximators in normal-form
games. In this paper, we theoretically characterize benefits and limitations of
equivariant equilibrium approximators. For the benefits, we show that they
enjoy better generalizability than general ones and can achieve better
approximations when the payoff distribution is permutation-invariant. For the
limitations, we discuss their drawbacks in terms of equilibrium selection and
social welfare. Together, our results help to understand the role of
equivariance in equilibrium approximators.Comment: To appear in ICML 202