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Repeated Games with Asynchronous Moves

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  • Quan Wen

    ()
    (Department of Economics, Vanderbilt University)

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Abstract

This 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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File URL: http://www.accessecon.com/pubs/VUECON/vu02-w04.pdf
File Function: First version, 2002
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Bibliographic Info

Paper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics Working Papers with number 0204.

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Date of creation: Apr 2002
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Handle: RePEc:van:wpaper:0204

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Web page: http://www.vanderbilt.edu/econ/wparchive/index.html

Related research

Keywords: Folk Theorem; repeated games; asynchronous moves; effective minimax;

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References

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  1. Akihiko Matsui & Roger Lagunoff, 2001. "Are "Anti-Folk Theorems" in repeated games nongeneric?," Review of Economic Design, Springer, vol. 6(3), pages 397-412.
  2. Wen, Quan, 1994. "The "Folk Theorem" for Repeated Games with Complete Information," Econometrica, Econometric Society, vol. 62(4), pages 949-54, July.
  3. Rubinstein Ariel & Wolinsky Asher, 1995. "Remarks on Infinitely Repeated Extensive-Form Games," Games and Economic Behavior, Elsevier, vol. 9(1), pages 110-115, April.
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Citations

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Cited by:
  1. 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.
  2. Takahashi, Satoru & Wen, Quan, 2003. "On asynchronously repeated games," Economics Letters, Elsevier, vol. 79(2), pages 239-245, May.
  3. Libich, Jan & StehlĂ­k, Petr, 2010. "Incorporating rigidity and commitment in the timing structure of macroeconomic games," Economic Modelling, Elsevier, vol. 27(3), pages 767-781, May.
  4. 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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