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A Folk Theorem for Repeated Sequential Games

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  • Wen, Quan
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Abstract

We study repeated sequential games where players may not move simultaneously in stage games. We introduce the concept of effective minimax for sequential games and establish a Folk theorem for repeated sequential games. The Folk theorem asserts that any feasible payoff vector where every player receives more than his effective minimax value in a sequential stage game can be supported by a subgame perfect equilibrium in the corresponding repeated sequential game when players are sufficiently patient. The results of this paper generalize those of Wen (1994), and of Fudenberg and Maskin (1986). The model of repeated sequential games and the concept of effective minimax provide an alternative view to the Anti-Folk theorem of Lagunoff and Matsui (1997) for asynchronously repeated pure coordination games. Copyright 2002 by The Review of Economic Studies Limited

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 69 (2002)
Issue (Month): 2 (April)
Pages: 493-512

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Handle: RePEc:bla:restud:v:69:y:2002:i:2:p:493-512

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Cited by:
  1. John Duggan, 2013. "A Folk Theorem for Repeated Elections with Adverse Selection," Wallis Working Papers WP63, University of Rochester - Wallis Institute of Political Economy.
  2. Takahashi, Satoru & Wen, Quan, 2003. "On asynchronously repeated games," Economics Letters, Elsevier, vol. 79(2), pages 239-245, May.
  3. Calcagno, Riccardo & Sugaya, Takuo & Kamada, Yuichiro & Lovo, Stefano, 2014. "Asynchronicity and coordination in common and opposing interest games," Theoretical Economics, Econometric Society, vol. 9(2), May.
  4. MAHENC Philippe, 2007. "Cooperation among Overlapping Generations for a Public Project," LERNA Working Papers 07.08.229, LERNA, University of Toulouse.
  5. Stefan Bühler & Dennis L. Gärtner, 2009. "Making Sense of Non-Binding Retail-Price Recommendations," University of St. Gallen Department of Economics working paper series 2009 2009-02, Department of Economics, University of St. Gallen.
  6. repec:dgr:uvatin:2008120 is not listed on IDEAS
  7. Harold Houba & Erik Ansink, 2013. "Sustainable Agreements on Stochastic River Flow," Tinbergen Institute Discussion Papers 13-182/II, Tinbergen Institute.
  8. Takahashi, Satoru, 2005. "Infinite horizon common interest games with perfect information," Games and Economic Behavior, Elsevier, vol. 53(2), pages 231-247, November.
  9. Erik Ansink, 2009. "Self-enforcing Agreements on Water allocation," Working Papers 2009.73, Fondazione Eni Enrico Mattei.
  10. Dutta, Prajit K., 2012. "Coordination need not be a problem," Games and Economic Behavior, Elsevier, vol. 76(2), pages 519-534.
  11. Timothy N Cason & Vai-Lam Mui, 2008. "Coordinating Collective Resistance Through Communication And Repeated Interaction," Development Research Unit Working Paper Series 16/08, Monash University, Department of Economics.
  12. repec:dgr:uvatin:2009081 is not listed on IDEAS

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