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Voluntarily Separable Repeated Prisoner's Dilemma

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Author Info
TAKAKO FUJIWARA-GREVE
MASAHIRO OKUNO-FUJIWARA

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Abstract

Ordinary repeated games do not apply to real societies where one can cheat and escape from partners. We formulate a model of endogenous relationships that a player can unilaterally end and start with a randomly assigned new partner with no information flow. Focusing on two-person, two-action Prisoner's Dilemma, we show that the endogenous duration of partnerships generates a significantly different evolutionary stability structure from ordinary random matching games. "Monomorphic" equilibria require initial trust building, while a "polymorphic" equilibrium includes earlier cooperators than any strategy in monomorphic equilibria and is thus more efficient. This is due to the non-linearity of average payoffs. Copyright Copyright © 2009 The Review of Economic Studies Limited.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-937X.2009.00539.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 76 (2009)
Issue (Month): 3 (07)
Pages: 993-1021
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Handle: RePEc:bla:restud:v:76:y:2009:i:3:p:993-1021

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  1. Takako Fujiwara-Greve & Masahiro Okuno-Fujiwara & Nobue Suzuki, 2008. "Voluntarily Separable Prisoner's Dilemma with Reference Letters," CIRJE F-Series CIRJE-F-551, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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This page was last updated on 2009-11-22.

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