Two approaches to equilibrium selection are contrasted in the context of an investment-opportunism-retaliation (IOR) game. In this game, a valuable (efficient) investment may be forgone in the face of opportunistic behavior, however, players who are victims of opportunism may retaliate to the detriment of both players. In this environment, we compare sub-game perfection with the notion of evolutionary stability.
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Paper provided by Department of Economics, Simon Fraser University in its series Discussion Papers with number
dp96-07.
Length: 21 pages Date of creation: 1996 Date of revision: Handle: RePEc:sfu:sfudps:dp96-07
Contact details of provider: Postal: Department of Economics, Simon Fraser University, 8888 University Drive, Burnaby, BC, V5A 1S6, Canada Phone: (778)782-3508 Fax: (778)782-5944 Web page: http://www.econ.sfu.ca/ More information through EDIRC
Find related papers by JEL classification: D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games