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Are "Anti-Folk Theorems" in repeated games nongeneric?

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  • Akihiko Matsui
  • Roger Lagunoff

Abstract

Folk Theorems in repeated games hold fixed the game payoffs, while the discount factor is varied freely. We show that these results may be sensitive to the order of limits in situations where players move asynchronously. Specifically, we show that when moves are asynchronous, then for a fixed discount factor close to one there is an open neighborhood of games which contains a pure coordination game such that every Perfect equilibrium of every game in the neighborhood approximates to an arbitrary degree the unique Pareto dominant payoff of the pure coordination game.

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Bibliographic Info

Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 6 (2001)
Issue (Month): 3 ()
Pages: 397-412

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Handle: RePEc:spr:reecde:v:6:y:2001:i:3:p:397-412

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  1. Maskin, Eric & Tirole, Jean, 1987. "A theory of dynamic oligopoly, III : Cournot competition," European Economic Review, Elsevier, vol. 31(4), pages 947-968, June.
  2. Eric Maskin & Jean Tirole, 2010. "A Theory of Dynamic Oligopoly, 1: Overview and Quantity Competition with Large Fixed Costs," Levine's Working Paper Archive 397, David K. Levine.
  3. Roger Lagunoff & Akihiko Matsui, . ""An 'Anti-Folk Theorem' for a Class of Asynchronously Repeated Games''," CARESS Working Papres 95-15, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
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Cited by:
  1. Dutta, Prajit K., 2012. "Coordination need not be a problem," Games and Economic Behavior, Elsevier, vol. 76(2), pages 519-534.
  2. Quan Wen, 2002. "Repeated Games with Asynchronous Moves," Vanderbilt University Department of Economics Working Papers 0204, Vanderbilt University Department of Economics.
  3. Takahashi, Satoru, 2005. "Infinite horizon common interest games with perfect information," Games and Economic Behavior, Elsevier, vol. 53(2), pages 231-247, November.

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