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Subgame-perfect equilibria of finite- and infinite-horizon games

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  • Fudenberg, Drew
  • Levine, David

Abstract

AbstractWe show that subgame-perfect equilibria of infinite-horizon games arise as limits, as the horizon grows long and epsilon small, of subgame-perfect epsilon-equilibria of games which are truncated after a finite horizon. A number of applications show that this result provides a useful technique for analyzing the existence and uniqueness of infinite-horizon equilibria. We extend our result to the sequential equilibrium concept.
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Suggested Citation

  • Fudenberg, Drew & Levine, David, 1983. "Subgame-perfect equilibria of finite- and infinite-horizon games," Journal of Economic Theory, Elsevier, vol. 31(2), pages 251-268, December.
    • Handle: RePEc:eee:jetheo:v:31:y:1983:i:2:p:251-268
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    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General

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