Equilibrium Outcomes in Repeated Two-Person, Zero-Sum Games
We will consider repeated two-person, zero-sum games in which the preferences in the repeated game depend on the stage-game references, although not necessarily in a time-consistent way. We will assume that each players repeated game payoff function at each period of time is strictly increasing on the stage game payoffs and that the repeated game is itself a zero-sum game in every period. Under these assumptions, we will show that an outcome is a subgame perfect outcome if and only if its components are all Nash equilibria of the stage game.
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- R. H. Strotz, 1955. "Myopia and Inconsistency in Dynamic Utility Maximization," Review of Economic Studies, Oxford University Press, vol. 23(3), pages 165-180.
- Bezalel Peleg & Menahem E. Yaari, 1973. "On the Existence of a Consistent Course of Action when Tastes are Changing," Review of Economic Studies, Oxford University Press, vol. 40(3), pages 391-401.
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- Narayana R. Kocherlakota, 2001. "Looking for evidence of time-inconsistent preferences in asset market data," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 13-24.
- David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 443-478.
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