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Valuating Payoff Streams under Unequal Discount Factors

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Author Info
Hannu Salonen () (Department of Economics, University of Turku)
Hannu Vartiainen () (Yrjö Jahnsson Foundation)

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Abstract

We study repeated prize allocation problem when the discount factors f the agents are not equal. It is shown that the feasible set of payoffs is not well behaved. In particular, it is not convex as it contains holes and caves. The Pareto frontier is everywhere discontinuous and there is an open subset of discount factors such that the feasible set is totally disconnected.

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Publisher Info
Paper provided by Aboa Centre for Economics in its series Discussion Papers with number 16.

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Length: 15
Date of creation: Jun 2007
Date of revision:
Handle: RePEc:tkk:dpaper:dp16

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Related research
Keywords: payoffs; differentiated discount factor; repeated games;

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Find related papers by JEL classification:
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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