Repeated Games with Differential Time Preferences

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Repeated Games with Differential Time Preferences

Author Info

Ehud Lehrer
Ady Pauzner

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Ehud Lehrer

Abstract

This paper provides a folk theorem for two-player repeated games in which players have different discount factors. In such games, players can mutually benefit from trading payoffs across time. Hence, the set of feasible repeated game payoffs is typically larger than the convex hull of the underlying stage-game payoffs. However, many trade plans that guarantee individually rational payoffs are not sustainable by an equilibrium, no matter how patient the players are. Therefore, the set of equilibrium payoffs might not approach the set of all feasible and individually rational repeated game payoffs.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 67 (1999)
Issue (Month): 2 (March)
Pages: 393-412
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Handle: RePEc:ecm:emetrp:v:67:y:1999:i:2:p:393-412

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Eiichi Miyagawa & Yasuyuki Miyahara & Tadashi Sekiguchi, 2003. "Repeated Games with Observation Costs," Discussion Papers 0203-14, Columbia University, Department of Economics. [Downloadable!]
Other versions:
- Eiichi Miyagawa & Yasuyuki Miyahara & Tadashi Sekiguchi, 2003. "Repeated Games with Observation Costs," Working Papers 565, Kyoto University, Institute of Economic Research.
Blonski, Matthias & Spagnolo, Giancarlo, 2003. "Prisoners' Other Dilemma," CEPR Discussion Papers 3856, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Spagnolo, Giancarlo & Blonski, Matthias, 2001. "Prisoners' Other Dilemma," Working Paper Series in Economics and Finance 437, Stockholm School of Economics, revised 20 Feb 2001. [Downloadable!]
Harold Houba & Quan Wen, 2006. "Perfect Equilibria in a Negotiation Model with Different Time Preferences," Tinbergen Institute Discussion Papers 06-028/1, Tinbergen Institute. [Downloadable!]
Matthew Haag & Roger Lagunoff, 2002. "On the Size and Structure of Group cooperation," Levine's Bibliography 506439000000000043, UCLA Department of Economics. [Downloadable!]
Other versions:
- Haag, Matthew & Roger Lagunoff, 2003. "On the Size and Structure of Group Cooperation," Royal Economic Society Annual Conference 2003 97, Royal Economic Society. [Downloadable!]
- Matthew Haag & Roger Lagunoff, 2002. "On the Size and Structure of Group Cooperation," Game Theory and Information 0209005, EconWPA. [Downloadable!]
- Matthew Haag & Roger Lagunoff, 2003. "On the Size and Structure of Group Cooperation," Working Papers 2003.54, Fondazione Eni Enrico Mattei. [Downloadable!]
- Matthew Haag & Roger Lagunoff, 2002. "On the Size and Structure of Group Cooperation," Wallis Working Papers WP33, University of Rochester - Wallis Institute of Political Economy. [Downloadable!]
- Haag, Matthew & Lagunoff, Roger, 2002. "On the Size and Structure of Group Cooperation," The Warwick Economics Research Paper Series (TWERPS) 650, University of Warwick, Department of Economics. [Downloadable!]
- Haag, Matthew & Lagunoff, Roger, 2007. "On the size and structure of group cooperation," Journal of Economic Theory, Elsevier, vol. 135(1), pages 68-89, July. [Downloadable!] (restricted)
Jimmy Chan, 2000. "On the Non-Existence of Reputation Effects in Two-Person Infinitely-Repeated Games," Economics Working Paper Archive 441, The Johns Hopkins University,Department of Economics.
Harold Houba & Quan Wen, 2006. "Perfect Equilibria in a Negotiation Model with Different Time Preferences," Working Papers 0706, Department of Economics, Vanderbilt University. [Downloadable!]
Andersson, Ola, 2006. "Bargaining in Collusive Markets," Working Papers 2006:21, Lund University, Department of Economics. [Downloadable!]

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