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On effective minimax payoffs and unequal discounting

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  • Chen, Bo

Abstract

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.

Suggested Citation

  • Chen, Bo, 2008. "On effective minimax payoffs and unequal discounting," Economics Letters, Elsevier, vol. 100(1), pages 105-107, July.
  • Handle: RePEc:eee:ecolet:v:100:y:2008:i:1:p:105-107
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    References listed on IDEAS

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    1. 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..
    2. 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.
    3. Ehud Lehrer & Ady Pauzner, 1999. "Repeated Games with Differential Time Preferences," Econometrica, Econometric Society, vol. 67(2), pages 393-412, March.
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    Cited by:

    1. Chen, Bo & Takahashi, Satoru, 2012. "A folk theorem for repeated games with unequal discounting," Games and Economic Behavior, Elsevier, vol. 76(2), pages 571-581.
    2. repec:gam:jgames:v:7:y:2016:i:2:p:12:d:69916 is not listed on IDEAS
    3. Carmona, Guilherme & Carvalho, Luís, 2016. "Repeated two-person zero-sum games with unequal discounting and private monitoring," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 131-138.
    4. Guéron, Yves & Lamadon, Thibaut & Thomas, Caroline D., 2011. "On the folk theorem with one-dimensional payoffs and different discount factors," Games and Economic Behavior, Elsevier, vol. 73(1), pages 287-295, September.
    5. Daniel Cardona & Antoni Rubí-Barceló, 2016. "Time-Preference Heterogeneity and Multiplicity of Equilibria in Two-Group Bargaining," Games, MDPI, Open Access Journal, vol. 7(2), pages 1-17, May.
    6. repec:eee:gamebe:v:103:y:2017:i:c:p:185-198 is not listed on IDEAS
    7. Herings P.J.J. & Meshalkin A. & Predtetchinski A., 2012. "A Folk Theorem for Bargaining Games," Research Memorandum 056, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    8. Sugaya, Takuo, 2015. "Characterizing the limit set of PPE payoffs with unequal discounting," Theoretical Economics, Econometric Society, vol. 10(3), September.

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