Repeated Games with Asynchronous Moves
AbstractThis paper studies a class of dynamic games, called repeated games with asynchronous moves, where not all players may revise their actions in every period. With state-dependent backwards induction, we introduce the concept of effective minimax in repeated games with asynchronous moves. A player's effective minimax value crucially depends on the asynchronous move structure in the repeated game, but not on the player's minimax or effective minimax value in the stage game. Any player's equilibrium payoffs are bounded below by his effective minimax value. We establish a folk theorem: when players are sufficiently patient, any feasible payoff vector where every player receives more than his effective minimax value can be approximated by a perfect equilibrium in the repeated game with asynchronous moves. This folk theorem integrates Fudenberg and Maskin's (1986) folk theorem for standard repeated games, Lagunoff and Matsui's (1997) anti-folk theorem for repeated pure coordination game with asynchronous moves, and Wen's (2002) folk theorem for repeated sequential games.
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Bibliographic InfoPaper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics Working Papers with number 0204.
Date of creation: Apr 2002
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Web page: http://www.vanderbilt.edu/econ/wparchive/index.html
Folk Theorem; repeated games; asynchronous moves; effective minimax;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
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- Akihiko Matsui & Roger Lagunoff, 2001.
"Are "Anti-Folk Theorems" in repeated games nongeneric?,"
Review of Economic Design,
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- Jan Libich & Petr Stehlik, 2008. "Fiscal Rigidity In A Monetary Union: The Calvo Timing And Beyond," CAMA Working Papers 2008-22, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Takahashi, Satoru & Wen, Quan, 2003. "On asynchronously repeated games," Economics Letters, Elsevier, vol. 79(2), pages 239-245, May.
- Libich, Jan & Stehlík, Petr, 2010. "Incorporating rigidity and commitment in the timing structure of macroeconomic games," Economic Modelling, Elsevier, vol. 27(3), pages 767-781, May.
- Takahashi, Satoru, 2005. "Infinite horizon common interest games with perfect information," Games and Economic Behavior, Elsevier, vol. 53(2), pages 231-247, November.
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