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Renegotiation in Finitely Repeated Games

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Author Info
Benoit, Jean-Pierre
Krishna, Vijay
Abstract

Perfect equilibria of finitely repeated games may be vulnerable to the possibility of renegotiation among players. The authors study the limiting properties of the set of payoffs from equilibria that are immune to renegotiation. Their main result is th at the limit of the set of payoffs from renegotiation-proof equilibria is either a singleton or a connected subset of the Pareto efficient frontier. A simple sufficient condition for the latter to occur is a lso provided. Copyright 1993 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 61 (1993)
Issue (Month): 2 (March)
Pages: 303-23
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Handle: RePEc:ecm:emetrp:v:61:y:1993:i:2:p:303-23

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  1. Luca Anderlini & Leonardo Felli, 2001. "Transaction Costs and the Robustness of the Coase Theorem," STICERD - Theoretical Economics Paper Series 409, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  2. Luca Anderlini & Leonardo Felli, 1998. "Costly Bargaining and Renegotiation - (Now published in Econometrica, 69(4) (March 2001), pp. 377-411.)," STICERD - Theoretical Economics Paper Series 361, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  3. Sergei Guriev & Dmitriy Kvasov, 2005. "Contracting on Time," Working Papers w0059, Center for Economic and Financial Research (CEFIR). [Downloadable!]
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  4. Luca Anderlini & Leonardo Felli, 1998. "Costly Coasian Contracts," STICERD - Theoretical Economics Paper Series 362, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  5. Hitoshi Matsushima, 2002. "Finitely Repeated Games with Small Side Payments," CIRJE F-Series CIRJE-F-179, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  6. Cheng Wang, 2000. "Renegotiation-Proof Dynamic Contracts with Private Information," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(3), pages 396-422, July. [Downloadable!] (restricted)
  7. Mathias Nell, 2009. "Contracts obtained by means of bribery: should they be void or valid?," European Journal of Law and Economics, Springer, vol. 27(2), pages 159-176, April. [Downloadable!] (restricted)
  8. Joel Watson, 2006. "Contract and Game Theory: Basic Concepts for Settings with Finite Horizons," University of California at San Diego, Economics Working Paper Series 2006-01, Department of Economics, UC San Diego. [Downloadable!]
  9. Matthew O. Jackson & Alison Watts, 2005. "Social Games: Matching and the Play of Finitely Repeated Games," Working Papers 2005.38, Fondazione Eni Enrico Mattei. [Downloadable!]
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  10. Heski Bar-Isaac, 2001. "Self-Confidence and Survival," STICERD - Theoretical Economics Paper Series 428, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  11. Hitoshi Matsushima, 2000. "Small Verifiability in Long-Term Relationships," CIRJE F-Series CIRJE-F-98, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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