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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)

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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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Publisher 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

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Web page: http://129.3.20.41

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

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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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Maskin, Eric & Tirole, Jean, 1987. "A theory of dynamic oligopoly, III : Cournot competition," European Economic Review, Elsevier, vol. 31(4), pages 947-968, June. [Downloadable!] (restricted)
  2. J. Tirole & E. Maskin, 1982. "A Theory of Dynamic Oligopoly, I: Overview and Quantity Competition with Large-Fixed Costs," Working papers 320, Massachusetts Institute of Technology (MIT), Department of Economics.
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  3. 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.
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Cited by:
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  1. Quan Wen, 2002. "Repeated Games with Asynchronous Moves," Working Papers 0204, Department of Economics, Vanderbilt University. [Downloadable!]
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