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Achievable Outcomes of Dynamic Contribution Games, Second Version

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  • Steven A. Matthews

    ()
    (Department of Economics, University of Pennsylvania)

Abstract

This paper concerns multistage games, with and without discounting, in which each player can increase the level of an action over time so as to increase the other players’ future payoffs. An action profile is achievable if it is the limit point of a subgame perfect equilibrium path. Necessary conditions are derived for achievability under relatively general conditions. They imply that any efficient profile that is approximately achievable must be in the core of the underlying coalitional game. In some but not all games with discounting, the necessary conditions for achievability are also sufficient for a profile to be the limit of achievable profiles as the period length shrinks to zero. Consequently, in these games when the period length is very short, (i) the set of achievable profiles does not depend on the move structure; (ii) an efficient profile can be approximately achieved if and only if it is in the core; and (iii) any achievable profile can be achieved almost instantly.

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File URL: http://economics.sas.upenn.edu/system/files/11-016.pdf
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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 11-016.

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Length: 45 pages
Date of creation: 31 Jul 2008
Date of revision: 20 Jun 2011
Handle: RePEc:pen:papers:11-016

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Related research

Keywords: dynamic games; monotone games; core; public goods; voluntary contribution; gradualism;

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  1. Bagnoli, Mark & Lipman, Barton L, 1989. "Provision of Public Goods: Fully Implementing the Core through Private Contributions," Review of Economic Studies, Wiley Blackwell, vol. 56(4), pages 583-601, October.
  2. Marco Battaglini & Salvatore Nunnari & Thomas R. Palfrey, 2010. "Political Institutions and the Dynamics of Public Investment," Carlo Alberto Notebooks 142, Collegio Carlo Alberto.
  3. Choi, Syngjoo & Gale, Douglas & Kariv, Shachar, 2008. "Sequential equilibrium in monotone games: A theory-based analysis of experimental data," Journal of Economic Theory, Elsevier, vol. 143(1), pages 302-330, November.
  4. Gale, Douglas, 1995. "Dynamic Coordination Games," Economic Theory, Springer, vol. 5(1), pages 1-18, January.
  5. Ben Lockwood & Jonathan P. Thomas, 2002. "Gradualism and Irreversibility," Review of Economic Studies, Oxford University Press, vol. 69(2), pages 339-356.
  6. Ochs, Jack & Park, In-Uck, 2004. "Overcoming the Coordination Problem: Dynamic Formation of Networks," CEI Working Paper Series 2004-18, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  7. Marx, Leslie M & Matthews, Steven A, 2000. "Dynamic Voluntary Contribution to a Public Project," Review of Economic Studies, Wiley Blackwell, vol. 67(2), pages 327-58, April.
  8. Yeon-Koo Che & József Sákovics, 2004. "A Dynamic Theory of Holdup," Econometrica, Econometric Society, vol. 72(4), pages 1063-1103, 07.
  9. Foley, Duncan K, 1970. "Lindahl's Solution and the Core of an Economy with Public Goods," Econometrica, Econometric Society, vol. 38(1), pages 66-72, January.
  10. Pitchford, Rohan & Snyder, Christopher M., 2004. "A solution to the hold-up problem involving gradual investment," Journal of Economic Theory, Elsevier, vol. 114(1), pages 88-103, January.
  11. Admati, Anat R & Perry, Motty, 1991. "Joint Projects without Commitment," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 259-76, April.
  12. Fershtman, C. & Nitzan, S., 1988. "Dynamic Voluntary Provision Of Public Goods," Papers 21-88, Tel Aviv.
  13. Huseyin Yildirim, 2006. "Getting the Ball Rolling: Voluntary Contributions to a Large-Scale Public Project," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(4), pages 503-528, October.
  14. Compte, Olivier & Jehiel, Philippe, 2003. "Voluntary contributions to a joint project with asymmetric agents," Journal of Economic Theory, Elsevier, vol. 112(2), pages 334-342, October.
  15. Lise Vesterlund & John Duffy & Jack Ochs, 2004. "Giving Little by Little: Dynamic Voluntary Contribution Games," Econometric Society 2004 North American Winter Meetings 402, Econometric Society.
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