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Are "Anti-Folk Theorems" in Repeated Games Nongeneric?

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Author Info

  • Roger Lagunoff

    (Georgetown University)

  • Akihiko Matsui

    (The University of Tokyo)

Abstract

Folk Theorems in repeated games hold fixed the game payoffs, while the discount factor is varied freely. We show that these results may be sensitive to the order of limits in situations where players move asynchronously. Specifically, we show that when moves are asynchronous, then for a fixed discount factor close to one there is an open neighborhood of games which contains a pure coordination game such that every Perfect equilibrium of every game in the neighborhood approximates to an arbitrary degree the unique Pareto dominant payoff of the pure coordination game.

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File URL: http://128.118.178.162/eps/game/papers/9906/9906001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Game Theory and Information with number 9906001.

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Date of creation: 03 Jun 1999
Date of revision: 03 Jun 1999
Handle: RePEc:wpa:wuwpga:9906001

Note: Type of Document - Acrobat pdf file; prepared on IBM PC ; to print on Acrobat PDF Writer;
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Web page: http://128.118.178.162

Related research

Keywords: repeated games; asynchronously repeated games; renewal games; coordination games;

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  1. Eric Maskin & Jean Tirole, 2010. "A Theory of Dynamic Oligopoly, 1: Overview and Quantity Competition with Large Fixed Costs," Levine's Working Paper Archive 397, David K. Levine.
  2. Roger Lagunoff & Akihiko Matsui, . ""An 'Anti-Folk Theorem' for a Class of Asynchronously Repeated Games''," CARESS Working Papres 95-15, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
  3. Maskin, Eric & Tirole, Jean, 1987. "A theory of dynamic oligopoly, III : Cournot competition," European Economic Review, Elsevier, vol. 31(4), pages 947-968, June.
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Cited by:
  1. Dutta, Prajit K., 2012. "Coordination need not be a problem," Games and Economic Behavior, Elsevier, vol. 76(2), pages 519-534.
  2. Takahashi, Satoru, 2005. "Infinite horizon common interest games with perfect information," Games and Economic Behavior, Elsevier, vol. 53(2), pages 231-247, November.
  3. Quan Wen, 2002. "Repeated Games with Asynchronous Moves," Vanderbilt University Department of Economics Working Papers 0204, Vanderbilt University Department of Economics.

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