Valuating payoff streams under unequal discount factors
We study repeated prize allocation when the discount factors of the agents are unequal. The feasible set of payoffs behaves badly: the Pareto frontier is everywhere discontinuous and there is an open subset of (high) discount factors under which the feasible set is totally disconnected.
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- Fudenberg, Drew & Maskin, Eric, 1991.
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"Nash and Perfect Equilibria of Discounted Repeated Gains,"
499, Massachusetts Institute of Technology (MIT), Department of Economics.
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- 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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