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Inefficiency in alternately repeated games with overlapping generations

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  • Morooka, Chihiro

Abstract

We model alternately repeated pure coordination games with overlapping generations. We characterize players’ behavior in subgame perfect equilibria while varying exogenous parameters. The results show that inefficient equilibria with almost the worst payoff arise when one-shot payoffs grow over time.

Suggested Citation

  • Morooka, Chihiro, 2019. "Inefficiency in alternately repeated games with overlapping generations," Economics Letters, Elsevier, vol. 184(C).
    • Handle: RePEc:eee:ecolet:v:184:y:2019:i:c:s0165176519303118
    DOI: 10.1016/j.econlet.2019.108632
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    References listed on IDEAS

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    1. Roger Lagunoff & Akihiko Matsui, 1997. "Asynchronous Choice in Repeated Coordination Games," Econometrica, Econometric Society, vol. 65(6), pages 1467-1478, November.
    2. Drew Fudenberg & Eric Maskin, 2008. "The Folk Theorem In Repeated Games With Discounting Or With Incomplete Information," World Scientific Book Chapters, in: Drew Fudenberg & David K Levine (ed.), A Long-Run Collaboration On Long-Run Games, chapter 11, pages 209-230, World Scientific Publishing Co. Pte. Ltd..
    3. Dutta, Prajit K., 2012. "Coordination need not be a problem," Games and Economic Behavior, Elsevier, vol. 76(2), pages 519-534.
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    Cited by:

    1. Chihiro Morooka, 2020. "Inefficiency in alternately repeated coordination games with dynastic preferences," Economics Bulletin, AccessEcon, vol. 40(4), pages 3167-3170.

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    More about this item

    Keywords

    Repeated game; Alternating move game; Overlapping generations game; Pure coordination game; Inefficiency;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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