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Stable Agreements in Infinitely Repeated Games

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  • Licun Xue

    ()
    (Department of Economics, University of Aarhus, Denmark)

Abstract

This paper studies infinitely repeated games where players can form coalitions to coordinate their actions via self-enforcing agreements. The proposed notion of "stable agreements" extends a characterization of the set of subgame perfect equilibrium paths by Greenberg (1989, 1990) to account for self-enforcing coalitional deviations. An agreement is stable if no coalition can deviate in such a way that by solely coordinating the actions of its own members, it guarantees a higher payoff for each member. Existence of the proposed notion is established and its relation to other notions is investigated.

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Bibliographic Info

Paper provided by School of Economics and Management, University of Aarhus in its series Economics Working Papers with number 2000-13.

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Length: 18
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Handle: RePEc:aah:aarhec:2000-13

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Web page: http://www.econ.au.dk/afn/

Related research

Keywords: Repeated games; renegotiation; self-enforcing agreements; coalitions;

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References

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  1. David G. Pearce, 1987. "Renegotiation-Proof Equilibria: Collective Rationality and Intertemporal Cooperation," Cowles Foundation Discussion Papers 855, Cowles Foundation for Research in Economics, Yale University.
  2. Bergin James & MacLeod W. Bentley, 1993. "Efficiency and Renegotiation in Repeated Games," Journal of Economic Theory, Elsevier, vol. 61(1), pages 42-73, October.
  3. Douglas Bernheim, B. & Ray, Debraj, 1989. "Collective dynamic consistency in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 295-326, December.
  4. Farrell, Joseph & Maskin, Eric, 1987. "Renegotiation in Repeated Games," Department of Economics, Working Paper Series qt9wv3h5jb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. Asheim, G.B., 1988. "Extending Renegotiation-Proofness To Infinite Horizon Games," Papers 16-88, Norwegian School of Economics and Business Administration-.
  6. Greenberg, Joseph, 1989. "An application of the theory of social situations to repeated games," Journal of Economic Theory, Elsevier, vol. 49(2), pages 278-293, December.
  7. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  8. Asheim, G.B., 1988. "Renegotiation-Proofness In Finite And Infinite Stage Games Through The Theory Of Social Situations," Papers 04-88, Norwegian School of Economics and Business Administration-.
  9. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
  10. Abreu, Dilip, 1988. "On the Theory of Infinitely Repeated Games with Discounting," Econometrica, Econometric Society, vol. 56(2), pages 383-96, March.
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Citations

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Cited by:
  1. Xiao Luo, 2009. "On the foundation of stability," Economic Theory, Springer, vol. 40(2), pages 185-201, August.
  2. Bo Sandemann Rasmussen, . "Government Debt and Capital Accumulation in the Blanchard-Cass-Yaari OLG Model," Economics Working Papers 2000-14, School of Economics and Management, University of Aarhus.
  3. Boriss Siliverstovs, 2005. "The Bi-parameter Smooth Transition Autoregressive model," Economics Bulletin, AccessEcon, vol. 3(23), pages 1-11.
  4. Effrosyni Diamantoudi, . "Equilibrium Binding Agreements under Diverse Bahavioral Assumptions," Economics Working Papers 2001-9, School of Economics and Management, University of Aarhus.
  5. Nikolaj Malchow-Moeller & Bo Jellesmark Thorsen, . "Investment under Uncertainty - the Case of Repeated Investment Options," Economics Working Papers 2000-15, School of Economics and Management, University of Aarhus.

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