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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- Drew Fudenberg & Eric Maskin, 1987.
"On the Dispensability of Public Randomization in Discounted Repeated Games,"
467, Massachusetts Institute of Technology (MIT), Department of Economics.
- Fudenberg, Drew & Maskin, Eric, 1991. "On the dispensability of public randomization in discounted repeated games," Journal of Economic Theory, Elsevier, vol. 53(2), pages 428-438, April.
- Drew Fudenberg & Eric Maskin, 1988.
"Nash and Perfect Equilibria of Discounted Repeated Gains,"
499, Massachusetts Institute of Technology (MIT), Department of Economics.
- Fudenberg, D. & Maskin, E., 1990. "Nash and perfect equilibria of discounted repeated games," Journal of Economic Theory, Elsevier, vol. 51(1), pages 194-206, June.
- D. Fudenberg and E. Maskin., 1987. "Nash and Perfect Equilibria of Discounted Repeated Games," Economics Working Papers 8736, University of California at Berkeley.
- 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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