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Are "Anti-Folk Theorems" in repeated games nongeneric?

Author

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  • Akihiko Matsui
  • Roger Lagunoff

Abstract

Folk Theorems in repeated games hold fixed the game payoffs, while the discount factor is varied freely. We show that these results may be sensitive to the order of limits in situations where players move asynchronously. Specifically, we show that when moves are asynchronous, then for a fixed discount factor close to one there is an open neighborhood of games which contains a pure coordination game such that every Perfect equilibrium of every game in the neighborhood approximates to an arbitrary degree the unique Pareto dominant payoff of the pure coordination game.

Suggested Citation

  • Akihiko Matsui & Roger Lagunoff, 2001. "Are "Anti-Folk Theorems" in repeated games nongeneric?," Review of Economic Design, Springer;Society for Economic Design, vol. 6(3), pages 397-412.
    • Handle: RePEc:spr:reecde:v:6:y:2001:i:3:p:397-412
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    Cited by:

    1. Quan Wen, 2002. "Repeated Games with Asynchronous Moves," Vanderbilt University Department of Economics Working Papers 0204, Vanderbilt University Department of Economics.
    2. Takahashi, Satoru, 2005. "Infinite horizon common interest games with perfect information," Games and Economic Behavior, Elsevier, vol. 53(2), pages 231-247, November.
    3. Dutta, Prajit K., 2012. "Coordination need not be a problem," Games and Economic Behavior, Elsevier, vol. 76(2), pages 519-534.

    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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