Repeated Games with Long-Run and Short-Run Players
نویسندگان
چکیده
منابع مشابه
Repeated Games with Long-run and Short-run Players
This paper studies the set of equilibrium payoffs in repeated games with longand short-run players and little discounting. Because the short-run players are unconcerned about the future, each equilibrium outcome is constrained to lie on their static reaction (best-response) curves. The natural extension of the folk theorem to games of this sort would simply include this constraint in the defini...
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We present a general algorithm for computing the limit, as 5 -> 1, of the set of payoffs of perfect public equilibria of repeated games with long-run and shortrun players, allowing for the possibility that the players' actions are not observable by their opponents. We illustrate the algorithm with two economic examples. In a simple partnership we show how to compute the equilibrium payoffs when...
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Previous work shows that reputation results may fail in repeated games with long-run players with equal discount factors. We restrict attention to stage games where two players, with equal discount factors, move sequentially. A pure Stackelberg action is assumed to exist. One and two sided reputation results are provided. If one of the players is a Stackelberg type with positive probability, th...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 1990
ISSN: 0034-6527
DOI: 10.2307/2298086