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Perfect Public Equilibrium When Players Are Patient

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  • Drew Fudenberg
  • David K. Levine
  • Satoru Takahashi

Abstract

The limit set of perfect public equilibrium payoffs of a repeated game as the discount factor goes to one is characterized, with examples, even when the full-dimensionality condition fails.

Suggested Citation

  • Drew Fudenberg & David K. Levine & Satoru Takahashi, 2004. "Perfect Public Equilibrium When Players Are Patient," Harvard Institute of Economic Research Working Papers 2051, Harvard - Institute of Economic Research.
  • Handle: RePEc:fth:harver:2051
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    File URL: http://www.economics.harvard.edu/pub/hier/2004/HIER2051.pdf
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    References listed on IDEAS

    as
    1. Jeffrey Ely & Drew Fudenberg & David K. Levine, 2008. "When is reputation bad?," World Scientific Book Chapters,in: A Long-Run Collaboration On Long-Run Games, chapter 10, pages 177-205 World Scientific Publishing Co. Pte. Ltd..
    2. Athey, Susan & Bagwell, Kyle, 2001. "Optimal Collusion with Private Information," RAND Journal of Economics, The RAND Corporation, vol. 32(3), pages 428-465, Autumn.
    3. Fudenberg Drew & Levine David K., 1994. "Efficiency and Observability with Long-Run and Short-Run Players," Journal of Economic Theory, Elsevier, vol. 62(1), pages 103-135, February.
    4. 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.
    5. Farrell, Joseph & Maskin, Eric, 1989. "Renegotiation in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 327-360, December.
    6. Abreu, Dilip & Dutta, Prajit K & Smith, Lones, 1994. "The Folk Theorem for Repeated Games: A NEU Condition," Econometrica, Econometric Society, vol. 62(4), pages 939-948, July.
    7. Fudenberg, D. & Maskin, E., 1990. "Nash and perfect equilibria of discounted repeated games," Journal of Economic Theory, Elsevier, vol. 51(1), pages 194-206, June.
    8. Drew Fudenberg & David M. Kreps & Eric S. Maskin, 1990. "Repeated Games with Long-run and Short-run Players," Review of Economic Studies, Oxford University Press, vol. 57(4), pages 555-573.
    9. Wen, Quan, 1994. "The "Folk Theorem" for Repeated Games with Complete Information," Econometrica, Econometric Society, vol. 62(4), pages 949-954, July.
    10. Abreu, Dilip & Pearce, David & Stacchetti, Ennio, 1990. "Toward a Theory of Discounted Repeated Games with Imperfect Monitoring," Econometrica, Econometric Society, vol. 58(5), pages 1041-1063, September.
    11. Abreu, Dilip & Pearce, David & Stacchetti, Ennio, 1986. "Optimal cartel equilibria with imperfect monitoring," Journal of Economic Theory, Elsevier, vol. 39(1), pages 251-269, June.
    12. Abreu, Dilip, 1986. "Extremal equilibria of oligopolistic supergames," Journal of Economic Theory, Elsevier, vol. 39(1), pages 191-225, June.
    13. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, vol. 66(3), pages 627-652, May.
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    JEL classification:

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

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