Altruism, Fairness and Evolution: the Case for Repeated Stochastic Games
AbstractThis paper is an effort to convince the reader that using a stochastic stage game in a repeated setting - rather than a deterministic one - comes with many advantages. The first is that as a game it is more realistic to assume that payoffs in future games are uncertain. The second is that it allows for strategies that make an evolutionary approach possible, while folk theorem strategies do not allow for such an analysis. But the most important feature is that such a setting allows for equilibrium strategies that look very much like human behaviour; altruism and fairness will be shown to feature in a natural way in equilibrium.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 02-111/1.
Date of creation: 30 Oct 2002
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Find related papers by JEL classification:
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-12-17 (All new papers)
- NEP-EVO-2002-12-17 (Evolutionary Economics)
- NEP-GTH-2002-12-17 (Game Theory)
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