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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"Nash and Perfect Equilibria of Discounted Repeated Gains,"
499, Massachusetts Institute of Technology (MIT), Department of Economics.
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- D. Fudenberg and E. Maskin., 1987. "Nash and Perfect Equilibria of Discounted Repeated Games," Economics Working Papers 8736, University of California at Berkeley.
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