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The Castle on the Hill

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  • David Levine

    (UCLA)

Abstract

A simple example of a stochastic games with irreversibility is studied and it is shown that the folk theorem fails in a robust way. In this game of Castle on the Hill, for a broad range of discount factors, including those close to me, equilibrium is unique. Moreover, the equilibrium for large discount factors is Pareto dominated by the equilibrium for low discount factors. A unique cyclic equilibrium is also possible for intermediate ranges of discount factors. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.2000.0094
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 3 (2000)
Issue (Month): 2 (April)
Pages: 330-337

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Handle: RePEc:red:issued:v:3:y:2000:i:2:p:330-337

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  1. Binmore, K & Shaked, A & Sutton, J, 1985. "Testing Noncooperative Bargaining Theory: A Preliminary Study," American Economic Review, American Economic Association, American Economic Association, vol. 75(5), pages 1178-80, December.
  2. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 2058, David K. Levine.
  3. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 252, David K. Levine.
  4. Dilip Abreu & Prajit K Dutta & Lones Smith, 1997. "Folk Theorems for Repeated Games: A NEU Condition," Levine's Working Paper Archive 633, David K. Levine.
  5. Abreu, Dilip & Dutta, Prajit K & Smith, Lones, 1994. "The Folk Theorem for Repeated Games: A NEU Condition," Econometrica, Econometric Society, Econometric Society, vol. 62(4), pages 939-48, July.
  6. Dutta, P.K., 1991. "A Folk Theorem for Stochastic Games," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 293, University of Rochester - Center for Economic Research (RCER).
  7. E. Maskin & D. Fudenberg, 1984. "The Folk Theorem and Repeated Games with Discount and with Incomplete Information," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 310, Massachusetts Institute of Technology (MIT), Department of Economics.
  8. Dutta Prajit K., 1995. "A Folk Theorem for Stochastic Games," Journal of Economic Theory, Elsevier, Elsevier, vol. 66(1), pages 1-32, June.
  9. repec:fth:coluec:565 is not listed on IDEAS
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Cited by:
  1. David K Levine & Aldo Rustichini, 2000. "Introduction: The Dynamic Games Special Issue," Levine's Working Paper Archive 2127, David K. Levine.

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