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Equilibrium Outcomes of Repeated Two-Person, Zero-Sum Games


  • Guilherme Carmona


We consider repeated two-person, zero-sum games in which the preferences in the repeated game depend on the stage-game preferences, although not necessarily in a time-consistent way. We assume that each player's 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 show that an outcome is a subgame perfect outcome if and only if all its components are Nash equilibria of the stage game.

Suggested Citation

  • Guilherme Carmona, 2004. "Equilibrium Outcomes of Repeated Two-Person, Zero-Sum Games," Game Theory and Information 0402003, EconWPA.
  • Handle: RePEc:wpa:wuwpga:0402003
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    References listed on IDEAS

    1. R. H. Strotz, 1955. "Myopia and Inconsistency in Dynamic Utility Maximization," Review of Economic Studies, Oxford University Press, vol. 23(3), pages 165-180.
    2. 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.
    3. Steven M. Goldman, 1980. "Consistent Plans," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 533-537.
    4. 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.
    5. 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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    More about this item


    Repeated two-person; zero-sum games; time-inconsistent preferences;

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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