A new and robust subgame perfect equilibrium in a model of triadic power relations
AbstractWe present a new subgame perfect equilibrium in an infinitely repeated game, which has Basu's triadic model as the stage game. The payoff for the laborer is the same as in Basu's model. The equilibrium is more robust than the solution in Naqvi and Wemhoner in the sense that the equilibrium does not require the same high degree of rationality; simple well-known strategies are applied, and both the lanklord and the merchant are better of than in the stage game.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Development Economics.
Volume (Year): 68 (2002)
Issue (Month): 1 (June)
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Other versions of this item:
- Hatlebakk, M., 2000. "A New and Robust Subgame Perfect Equilibrium in a Model of Triadic Power Relations," Norway; Department of Economics, University of Bergen 2400, Department of Economics, University of Bergen.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
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