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Open-Loop and Closed-Loop Equilibria in Dynamic Games with Many Players

In: A Long-Run Collaboration On Long-Run Games

Author

Listed:
  • DREW FUDENBERG

    (Department of Economics, University of California, Berkeley, California 94720, USA)

  • DAVID K. LEVINE

    (Department of Economics, University of California, Los Angeles, California, 90024, USA)

Abstract

If players are small, one might expect that optimal reactions to one-player deviations are negligible, so that the open- and closed-loop equilibria are approximately the same. We investigate the circumstances in which this is true.

Suggested Citation

  • Drew Fudenberg & David K. Levine, 2008. "Open-Loop and Closed-Loop Equilibria in Dynamic Games with Many Players," World Scientific Book Chapters, in: Drew Fudenberg & David K Levine (ed.), A Long-Run Collaboration On Long-Run Games, chapter 3, pages 41-58, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812818478_0003
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    Keywords

    Long-Run Players; Limit Games; Robustness; Equilibrium; Reputation Effects; Repeated Games;
    All these keywords.

    JEL classification:

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

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