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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

AbstractIf 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: 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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    1. repec:spr:joptap:v:161:y:2014:i:2:d:10.1007_s10957-013-0433-2 is not listed on IDEAS
    2. Mathevet, Laurent & Steiner, Jakub, 2013. "Tractable dynamic global games and applications," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2583-2619.
    3. repec:eee:resene:v:52:y:2018:i:c:p:50-63 is not listed on IDEAS
    4. Ag�nor, Pierre-Richard & Gambacorta, Leonardo & Kharroubi, Enisse & Lombardo, Giovanni & Pereira da Silva, Luiz A., 2017. "The International Dimensions of Macroprudential Policies," CEPR Discussion Papers 12108, C.E.P.R. Discussion Papers.
    5. Laurent Mathevet & Jakub Steiner, 2012. "Sand in the Wheels: A Dynamic Global-Game Approach," CERGE-EI Working Papers wp459, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    6. Maurizio Iacopetta, 2016. "Commercial Revolutions, Search, and Development," 2016 Meeting Papers 1394, Society for Economic Dynamics.
    7. Benchekroun, Hassan & Withagen, Cees, 2012. "On price taking behavior in a nonrenewable resource cartel–fringe game," Games and Economic Behavior, Elsevier, vol. 76(2), pages 355-374.
    8. Drew Fudenberg & David Levine & Wolfgang Pesendorfer, 2008. "When Are Nonanonymous Players Negligible?," World Scientific Book Chapters,in: A Long-Run Collaboration On Long-Run Games, chapter 6, pages 95-120 World Scientific Publishing Co. Pte. Ltd..
    9. Niko Jaakkola & Frederick van der Ploeg, 2017. "Non-Cooperative and Cooperative Climate Policies with Anticipated Breakthrough Technology," OxCarre Working Papers 190, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    10. Romeo Balanquit, 2013. "Stable Commitment in an Intertemporal Collusive Trade," UP School of Economics Discussion Papers 201301, University of the Philippines School of Economics.
    11. Maurizio Iacopetta, 2014. "Dynamics of assets liquidity and inequality in economies with decentralized markets," Sciences Po publications info:hdl:2441/2029nqlehl8, Sciences Po.
    12. Maurizion Iacopetta, 2016. "Commercial revolutions, search, and development," Documents de Travail de l'OFCE 2016-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    13. Benchekroun, Hassan & Withagen, Cees, 2012. "On price taking behavior in a nonrenewable resource cartel–fringe game," Games and Economic Behavior, Elsevier, vol. 76(2), pages 355-374.
    14. repec:spr:joptap:v:160:y:2014:i:1:d:10.1007_s10957-013-0317-5 is not listed on IDEAS
    15. repec:spr:annopr:v:255:y:2017:i:1:d:10.1007_s10479-016-2340-z is not listed on IDEAS
    16. Yepes Rodríguez, R., 2005. "Análisis mediante teoría de juegos de la evolución de la competencia en el sector eléctrico español/Game theoretic analysis of the evolution of competition in Spanish power sector," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 23, pages 335-362, Agosto.

    More about this item

    Keywords

    Long-Run Players; Limit Games; Robustness; Equilibrium; Reputation Effects; Repeated Games;

    JEL classification:

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

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