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Repeated Implementation with Overlapping Generations of Agents

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We study repeated implementation in a model with overlapping generations of agents. A social choice function selects an alternative in each period as a function of preferences of the agents who are alive in that period. When the agents' preferences do not change during their lifetime, we show that any social choice function satisfying a mild unanimity condition is repeatedly implementable in subgame perfect equilibrium if there are at least three agents and they live sufficiently long. When the agents' preferences change every period, we show that only efficient social choice functions can be repeatedly implementable if the agents live sufficiently long.

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  • Azacis, Helmuts, 2017. "Repeated Implementation with Overlapping Generations of Agents," Cardiff Economics Working Papers E2017/16, Cardiff University, Cardiff Business School, Economics Section.
  • Handle: RePEc:cdf:wpaper:2017/16
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    1. Smith, Lones, 1992. "Folk theorems in overlapping generations games," Games and Economic Behavior, Elsevier, vol. 4(3), pages 426-449, July.
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    Keywords

    Repeated Implementation; Subgame Perfect Implementation; Overlapping Generations; Necessary and Sufficient Conditions; Efficiency in the Range;
    All these keywords.

    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
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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