Repeated Games with Asynchronous Moves
This paper studies a class of dynamic games, called repeated games with asynchronous moves, where not all players may revise their actions in every period. With state-dependent backwards induction, we introduce the concept of effective minimax in repeated games with asynchronous moves. A player's effective minimax value crucially depends on the asynchronous move structure in the repeated game, but not on the player's minimax or effective minimax value in the stage game. Any player's equilibrium payoffs are bounded below by his effective minimax value. We establish a folk theorem: when players are sufficiently patient, any feasible payoff vector where every player receives more than his effective minimax value can be approximated by a perfect equilibrium in the repeated game with asynchronous moves. This folk theorem integrates Fudenberg and Maskin's (1986) folk theorem for standard repeated games, Lagunoff and Matsui's (1997) anti-folk theorem for repeated pure coordination game with asynchronous moves, and Wen's (2002) folk theorem for repeated sequential games.
|Date of creation:||Apr 2002|
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References listed on IDEAS
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- Rubinstein, Ariel, 1982.
"Perfect Equilibrium in a Bargaining Model,"
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- Roger Lagunoff & Akihiko Matsui, 1997.
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- Shaked, Avner & Sutton, John, 1984. "Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 52(6), pages 1351-1364, November.
- 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.
- 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.
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