Are "Anti-Folk Theorems" in Repeated Games Nongeneric?
Folk Theorems in repeated games hold fixed the game payoffs, while the discount factor is varied freely. We show that these results may be sensitive to the order of limits in situations where players move asynchronously. Specifically, we show that when moves are asynchronous, then for a fixed discount factor close to one there is an open neighborhood of games which contains a pure coordination game such that every Perfect equilibrium of every game in the neighborhood approximates to an arbitrary degree the unique Pareto dominant payoff of the pure coordination game.
|Date of creation:||03 Jun 1999|
|Date of revision:||03 Jun 1999|
|Note:||Type of Document - Acrobat pdf file; prepared on IBM PC ; to print on Acrobat PDF Writer;|
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Levine's Working Paper Archive
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- Roger Lagunoff & Akihiko Matsui, . ""An 'Anti-Folk Theorem' for a Class of Asynchronously Repeated Games''," CARESS Working Papres 95-15, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
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