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Social Norms and Choice: A Weak Folk Theorem for Repeated Matching Games

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  • Hasker, Kevin

    (Rice U)

Abstract

A folk theorem for repeated matching games is established that holds if the stage game is not a pure coordination game. It holds independent of population size and for all matching rules-including rules that depend on players choices or the history of play. This paper also establishes an equilibrium condition and using this discovers two differences between the equilibria of repeated matching games and standard repeated games. Trigger strategies are not equilibria and there is no simple optimal penal code.

Suggested Citation

  • Hasker, Kevin, 2000. "Social Norms and Choice: A Weak Folk Theorem for Repeated Matching Games," Working Papers 2000-10, Rice University, Department of Economics.
  • Handle: RePEc:ecl:riceco:2000-10
    as

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    File URL: http://www.ruf.rice.edu/~econ/papers/2000papers/10Hasker.pdf
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    References listed on IDEAS

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    1. Glenn Ellison, 1994. "Cooperation in the Prisoner's Dilemma with Anonymous Random Matching," Review of Economic Studies, Oxford University Press, vol. 61(3), pages 567-588.
    2. James W. Friedman, 1971. "A Non-cooperative Equilibrium for Supergames," Review of Economic Studies, Oxford University Press, vol. 38(1), pages 1-12.
    3. Greif, Avner, 1989. "Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi Traders," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 857-882, December.
    4. Rosenthal, R W, 1979. "Sequences of Games with Varying Opponents," Econometrica, Econometric Society, vol. 47(6), pages 1353-1366, November.
    5. Forges, Francoise, 1990. "Universal Mechanisms," Econometrica, Econometric Society, vol. 58(6), pages 1341-1364, November.
    6. Christopher Udry, 1994. "Risk and Insurance in a Rural Credit Market: An Empirical Investigation in Northern Nigeria," Review of Economic Studies, Oxford University Press, vol. 61(3), pages 495-526.
    7. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-554, May.
    8. Abreu, D. & Dutta, P.K. & Smith, L., 1993. "The Folk Theorem for Repeated Games," Working papers 93-19, Massachusetts Institute of Technology (MIT), Department of Economics.
    9. Okuno-Fujiwara Masahiro & Postlewaite Andrew, 1995. "Social Norms and Random Matching Games," Games and Economic Behavior, Elsevier, vol. 9(1), pages 79-109, April.
    10. Michihiro Kandori, 1992. "Social Norms and Community Enforcement," Review of Economic Studies, Oxford University Press, vol. 59(1), pages 63-80.
    11. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, vol. 66(3), pages 627-652, May.
    12. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 912-950, October.
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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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