On effective minimax payoffs and unequal discounting
We show that the folk theorem in Wen [Q. Wen (1994), The "Folk Theorem" for repeated games with complete information, Econometrica, 62, 949-954.] may not fully characterize the subgame perfect equilibrium payoff set in a repeated game with unequal discounting, where a player's equilibrium payoff could be strictly less than her effective minimax payoff.
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- Drew Fudenberg & David K. Levine & Satoru Takahashi, 2008.
"Perfect public equilibrium when players are patient,"
World Scientific Book Chapters,in: A Long-Run Collaboration On Long-Run Games, chapter 16, pages 345-367
World Scientific Publishing Co. Pte. Ltd..
- Fudenberg, Drew & Levine, David K. & Takahashi, Satoru, 2007. "Perfect public equilibrium when players are patient," Games and Economic Behavior, Elsevier, vol. 61(1), pages 27-49, October.
- Drew Fudenberg & David K. Levine & Satoru Takahashi, 2004. "Perfect Public Equilibrium When Players Are Patient," Harvard Institute of Economic Research Working Papers 2051, Harvard - Institute of Economic Research.
- Drew Fudenberg & David K Levine & Satoru Takahashi, 2004. "Perfect Public Equilibrium When Players are Patient," Levine's Working Paper Archive 618897000000000865, David K. Levine.
- Takahashi, Satoru & Levine, David & Fudenberg, Drew, 2007. "Perfect Public Equilibrium When Players Are Patient," Scholarly Articles 3196336, Harvard University Department of Economics.
- Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-554, May.
- Ehud Lehrer & Ady Pauzner, 1999. "Repeated Games with Differential Time Preferences," Econometrica, Econometric Society, vol. 67(2), pages 393-412, March. Full references (including those not matched with items on IDEAS)
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