Value Oriented Equilibria in Repeated Games of Complete Information
Two refinements, called value oriented equilibria, of the Nash equilibrium concept are proposed for repeated games of complete information. Value sufficient equilibria make each player's strategic response to the another player's previous actions depend only on the value of those actions to the responding player. In value monotonic equilibria no player punishes another for taking actions which increase the first player's payoff. The use of value oriented equilibria enables the set of outcomes consistent with equilibrium to be reduced. Outcomes which are unilaterally inefficient (i.e., can be Pareto dominated by the unilateral action of one player) are never part of the equilibrium path.
|Date of creation:||13 Jul 1996|
|Date of revision:|
|Note:||15 pages, WordPerfect 5.1 document, no figures.|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
References listed on IDEAS
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.:
- Robert J. Aumann, 1995. "Repeated Games with Incomplete Information," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011476, March.
- SORIN, Sylvain, 1988.
"Repeated games with complete information,"
CORE Discussion Papers
1988022, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Sorin, Sylvain, 1992. "Repeated games with complete information," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 4, pages 71-107 Elsevier.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpga:9607003. 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.