Equilibrium Outcomes of Repeated Two-Person, Zero-Sum Games
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.
|Date of creation:||11 Feb 2004|
|Date of revision:|
|Note:||Type of Document - pdf; prepared on winxp; to print on general; pages: 14; figures: 1. none|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Laibson, David I., 1997.
"Golden Eggs and Hyperbolic Discounting,"
4481499, Harvard University Department of Economics.
- 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.
- Goldman, Steven M, 1980. "Consistent Plans," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 533-37, April.
- Peleg, Bezalel & Yaari, Menahem E, 1973. "On the Existence of a Consistent Course of Action when Tastes are Changing," Review of Economic Studies, Wiley Blackwell, vol. 40(3), pages 391-401, July.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpga:0402003. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.