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Valuating payoff streams under unequal discount factors

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  • Salonen, Hannu
  • Vartiainen, Hannu

Abstract

We study repeated prize allocation when the discount factors of the agents are unequal. The feasible set of payoffs behaves badly: the Pareto frontier is everywhere discontinuous and there is an open subset of (high) discount factors under which the feasible set is totally disconnected.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 3 (June)
Pages: 595-598

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Handle: RePEc:eee:ecolet:v:99:y:2008:i:3:p:595-598

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  1. Fudenberg, D. & Maskin, E., 1990. "Nash and perfect equilibria of discounted repeated games," Journal of Economic Theory, Elsevier, vol. 51(1), pages 194-206, June.
  2. Fudenberg, Drew & Maskin, Eric, 1991. "On the dispensability of public randomization in discounted repeated games," Journal of Economic Theory, Elsevier, vol. 53(2), pages 428-438, April.
  3. Ehud Lehrer & Ady Pauzner, 1999. "Repeated Games with Differential Time Preferences," Econometrica, Econometric Society, vol. 67(2), pages 393-412, March.
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Cited by:
  1. Yuichi Yamamoto, 2010. "The use of public randomization in discounted repeated games," International Journal of Game Theory, Springer, vol. 39(3), pages 431-443, July.
  2. Bo Chen & Satoru Fujishige, 2013. "On the feasible payoff set of two-player repeated games with unequal discounting," International Journal of Game Theory, Springer, vol. 42(1), pages 295-303, February.
  3. Chen, Bo & Takahashi, Satoru, 2012. "A folk theorem for repeated games with unequal discounting," Games and Economic Behavior, Elsevier, vol. 76(2), pages 571-581.
  4. Kimmo Berg & Mitri Kitti, 2013. "Computing Equilibria in Discounted 2 × 2 Supergames," Computational Economics, Society for Computational Economics, vol. 41(1), pages 71-88, January.
  5. Houba, Harold & Wen, Quan, 2011. "Extreme equilibria in the negotiation model with different time preferences," Games and Economic Behavior, Elsevier, vol. 73(2), pages 507-516.

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