A Rermark on Infinitely Repeated Extensive Games
Let Gamma be a game in extensive form and G be its reduced normal form game. Let Gamma ^infinity (delta) and G^infinity (delta) be the infinitely repeated game version of Gamma and G respectively, with common discount factor delta. This note points out that the set of SPE payoff vectors of Gamma^infinity (delta) might be different from that of G sub infinity (delta), even when delta is arbitrarily close to 1. This difference can be substantial when G fails to satisfy the "dimensionality" condition (a-la Fundenberg and Masking (1986) or Abreu, Dutta and Smith (1992)).
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- Robert J. Aumann & Lloyd S. Shapley, 2013. "Long Term Competition -- A Game-Theoretic Analysis," Annals of Economics and Finance, Society for AEF, vol. 14(2), pages 627-640, November.
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