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Extensive Form Games in Continuous Time: Pure Strategies

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  • Simon, Leo K
  • Stinchcombe, Maxwell B

Abstract

A new framework for games in continuous time is proposed. The continuous-time model conforms as closely as possible to the conventional discrete-time framework. Indeed, continuous time is viewed as "discrete time, but with a grid that is infinitely fine." The paper presents several examples illustrating the difficulties that arise in continuous-time game theory. Theorems relate the equilibria of continuous time games to the equilibria of approximating discrete time games. A variety of industrial organization applications are studied, yielding sharp predictions. Applications include continuously repeated games, preemption models, and patent races. Copyright 1989 by The Econometric Society.

Suggested Citation

  • Simon, Leo K & Stinchcombe, Maxwell B, 1989. "Extensive Form Games in Continuous Time: Pure Strategies," Econometrica, Econometric Society, vol. 57(5), pages 1171-1214, September.
  • Handle: RePEc:ecm:emetrp:v:57:y:1989:i:5:p:1171-1214
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    1. Ernst Fehr & Georg Kirchsteiger & Arno Riedl, 1993. "Does Fairness Prevent Market Clearing? An Experimental Investigation," The Quarterly Journal of Economics, Oxford University Press, pages 437-459.
    2. Grossman, Sanford J & Hart, Oliver D, 1983. "An Analysis of the Principal-Agent Problem," Econometrica, Econometric Society, pages 7-45.
    3. Ernst Fehr & Georg Kirchsteiger & Arno Riedl, 1993. "Does Fairness Prevent Market Clearing? An Experimental Investigation," The Quarterly Journal of Economics, Oxford University Press, pages 437-459.
    4. Guth, Werner, 1995. "An Evolutionary Approach to Explaining Cooperative Behavior by Reciprocal Incentives," International Journal of Game Theory, Springer;Game Theory Society, pages 323-344.
    5. repec:fth:prinin:345 is not listed on IDEAS
    6. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, pages 122-142.
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