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Evolution towards efficient coordination in repeated games, preliminary version

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  • Demichelis, Stefano
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    Abstract

    We show that in long repeated games- or in infinitely repeated games with discount rate close to one- payoffs corresponding to evolutionary stable sets are asymptotically efficient, as intuition suggests. Actions played at the beginning of the game are used as messages that allow players to coordinate on Pareto optimal outcomes in the following stages. Strategies following some simple and intuitive "behavioral maxims" are shown to be able to drive out inefficient ones from a population. The result builds a bridge between the theory of repeated games and that of communication games that will be further investigated.

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    File URL: http://mpra.ub.uni-muenchen.de/39311/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39311.

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    Date of creation: 07 Jun 2012
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    Handle: RePEc:pra:mprapa:39311

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    Keywords: Repeated Games; Evolution; Communication; Efficiency;

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    1. DEMICHELIS, Stefano & RITZBERGER, Klaus, 2000. "From evolutionary to strategic stability," CORE Discussion Papers 2000059, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Binmore,Ken Samuelson,Larry, . "Evolutionary stability in repeated games Played by finite automata," Discussion Paper Serie B 193, University of Bonn, Germany.
    3. Kim, Yong-Gwan & Sobel, Joel, 1995. "An Evolutionary Approach to Pre-play Communication," Econometrica, Econometric Society, vol. 63(5), pages 1181-93, September.
    4. Mailath, George J. & Samuelson, Larry, 2006. "Repeated Games and Reputations: Long-Run Relationships," OUP Catalogue, Oxford University Press, number 9780195300796, September.
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