Cooperation and Punishment
AbstractWe show that, in repeated common interest games without discounting, strong `perturbation implies efficiency' results require that the perturbations must include strategies which are `draconian' in the sense that they are prepared to punish to the maximum extent possible. Moreover, there is a draconian strategy whose presence in the perturbations guarantees that any equilibrium is efficient. We also argue that the results of Anderlini and Sabourian (1995) using perturbation strategies which are cooperative (and hence non-draconian) are not due to computability per se but to the further restrictions they impose on allowable beliefs.
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Bibliographic InfoPaper provided by EconWPA in its series Game Theory and Information with number 0004002.
Length: 22 pages
Date of creation: 13 Jun 2000
Date of revision:
Note: Type of Document - Acrobat PDF; prepared on IBM PC; pages: 22 ; figures: included. pdf file, prepared from sci word
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common interests; repeated games; cooperation; computability; reputation;
Other versions of this item:
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-02-14 (All new papers)
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