IDEAS home Printed from https://ideas.repec.org/p/cdf/wpaper/2017-16.html
   My bibliography  Save this paper

Repeated Implementation with Overlapping Generations of Agents

Author

Listed:

Abstract

We study repeated implementation in a model with overlapping generations of agents. A social choice function selects an alternative in each period as a function of preferences of the agents who are alive in that period. When the agents' preferences do not change during their lifetime, we show that any social choice function satisfying a mild unanimity condition is repeatedly implementable in subgame perfect equilibrium if there are at least three agents and they live sufficiently long. When the agents' preferences change every period, we show that only efficient social choice functions can be repeatedly implementable if the agents live sufficiently long.

Suggested Citation

  • Azacis, Helmuts, 2017. "Repeated Implementation with Overlapping Generations of Agents," Cardiff Economics Working Papers E2017/16, Cardiff University, Cardiff Business School, Economics Section.
    • Handle: RePEc:cdf:wpaper:2017/16
    as

    Download full text from publisher

    File URL: http://carbsecon.com/wp/E2017_16.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-894, July.
    2. John Roemer & Kotaro Suzumura (ed.), 2007. "Intergenerational Equity and Sustainability," International Economic Association Series, Palgrave Macmillan, number 978-0-230-23676-9, December.
    3. Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, vol. 56(5), pages 1191-1220, September.
    4. Michihiro Kandori, 1992. "Repeated Games Played by Overlapping Generations of Players," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(1), pages 81-92.
    5. Jihong Lee & Hamid Sabourian, 2011. "Efficient Repeated Implementation," Econometrica, Econometric Society, vol. 79(6), pages 1967-1994, November.
    6. Hayashi, Takashi & Lombardi, Michele, 2019. "One-step-ahead implementation," Journal of Mathematical Economics, Elsevier, vol. 83(C), pages 110-126.
    7. Āzacis, Helmuts & Vida, Péter, 2019. "Repeated implementation: A practical characterization," Journal of Economic Theory, Elsevier, vol. 180(C), pages 336-367.
    8. Kalai, Ehud & Ledyard, John O., 1998. "Repeated Implementation," Journal of Economic Theory, Elsevier, vol. 83(2), pages 308-317, December.
    9. Abreu, Dilip & Sen, Arunava, 1990. "Subgame perfect implementation: A necessary and almost sufficient condition," Journal of Economic Theory, Elsevier, vol. 50(2), pages 285-299, April.
    10. Jacques Cremer, 1986. "Cooperation in Ongoing Organizations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(1), pages 33-49.
    11. Smith, Lones, 1992. "Folk theorems in overlapping generations games," Games and Economic Behavior, Elsevier, vol. 4(3), pages 426-449, July.
    12. Salant, David J., 1991. "A repeated game with finitely lived overlapping generations of players," Games and Economic Behavior, Elsevier, vol. 3(2), pages 244-259, May.
    13. Chambers, Christopher P., 2004. "Virtual repeated implementation," Economics Letters, Elsevier, vol. 83(2), pages 263-268, May.
    14. Vartiainen, Hannu, 2007. "Subgame perfect implementation: A full characterization," Journal of Economic Theory, Elsevier, vol. 133(1), pages 111-126, March.
    15. Mezzetti, Claudio & Renou, Ludovic, 2017. "Repeated Nash implementation," Theoretical Economics, Econometric Society, vol. 12(1), January.
    16. Tomoichi Shinotsuka & Koichi Suga & Kotaro Suzumura & Koichi Tadenuma, 2007. "Equity and Efficiency in Overlapping Generations Economies," International Economic Association Series, in: John Roemer & Kotaro Suzumura (ed.), Intergenerational Equity and Sustainability, chapter 2, pages 20-35, Palgrave Macmillan.
    17. Azacis, Helmuts & Vida, Péter, 2015. "Repeated Implementation," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 518, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hayashi, Takashi & Lombardi, Michele, 2019. "One-step-ahead implementation," Journal of Mathematical Economics, Elsevier, vol. 83(C), pages 110-126.
    2. Korpela, Ville & Lombardi, Michele & Vartiainen, Hannu, 2020. "Do coalitions matter in designing institutions?," Journal of Economic Theory, Elsevier, vol. 185(C).
    3. Āzacis, Helmuts & Vida, Péter, 2019. "Repeated implementation: A practical characterization," Journal of Economic Theory, Elsevier, vol. 180(C), pages 336-367.
    4. Lombardi, M. & Yoshihara, N., 2018. "Treading a fine line: (Im)possibilities for Nash implementation with partially-honest individuals," Games and Economic Behavior, Elsevier, vol. 111(C), pages 203-216.
    5. Michele Lombardi & Naoki Yoshihara, 2020. "Partially-honest Nash implementation: a full characterization," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(3), pages 871-904, October.
    6. Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2008. "A “Super” Folk Theorem for dynastic repeated games," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(3), pages 357-394, December.
    7. Luca Anderlini (Georgetown University), Dino Gerardi (Yale University), Roger Lagunoff (Georgetown University), 2004. "The Folk Theorem in Dynastic Repeated Games," Working Papers gueconwpa~04-04-09, Georgetown University, Department of Economics.
    8. Kiho Yoon, 2001. "An Anti-folk Theorem in Overlapping Generations Games with Limited Observability," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(3), pages 736-745, July.
    9. Xu, Xue & Potters, Jan, 2018. "An experiment on cooperation in ongoing organizations," Journal of Economic Behavior & Organization, Elsevier, vol. 147(C), pages 28-40.
    10. V. Bhaskar, 1998. "Informational Constraints and the Overlapping Generations Model: Folk and Anti-Folk Theorems," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 65(1), pages 135-149.
    11. Matthew O. Jackson, 2001. "A crash course in implementation theory," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 18(4), pages 655-708.
    12. Messner, Matthias & Polborn, Mattias K., 2003. "Cooperation in Stochastic OLG games," Journal of Economic Theory, Elsevier, vol. 108(1), pages 152-168, January.
    13. Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2007. "Social Memory and Evidence from the Past," Working Papers gueconwpa~07-07-01, Georgetown University, Department of Economics.
    14. Francesco Lancia & Alessia Russo, 2016. "Cooperation in Organization through Self-Commitment Actions," Vienna Economics Papers vie1605, University of Vienna, Department of Economics.
    15. Bardsley, Peter & Erkal, Nisvan & Nikiforakis, Nikos & Wilkening, Tom, 2013. "Recursive contracts, firm longevity, and rat races: An experimental analysis," European Economic Review, Elsevier, vol. 61(C), pages 217-231.
    16. Bhaskar, V., 1994. "Informational Constraints and the Overlapping Generations Model : Folk and Anti-Folk Theorems," Other publications TiSEM 46a2a327-5203-4940-91e2-2, Tilburg University, School of Economics and Management.
    17. Xu, Xue, 2018. "Experiments on cooperation, institutions, and social preferences," Other publications TiSEM d3cf4dba-b0f3-4643-a267-7, Tilburg University, School of Economics and Management.
    18. Francesco Lancia & Alessia Russo, 2016. "Cooperation in Organization through Self-Commitment Actions," Vienna Economics Papers 1605, University of Vienna, Department of Economics.
    19. Peter Bardsley & Nisvan Erkal & Nikos Nikiforakis & Tom Wilkening, 2011. "Recursive Contracts, Firm Longevity, and Rat Races: Theory and Experimental Evidence," Department of Economics - Working Papers Series 1122, The University of Melbourne, revised 2011.
    20. Sahuguet, Nicolas & Conconi, Paola, 2005. "Re-election Incentives and the Sustainability of International Cooperation," CEPR Discussion Papers 5401, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    Repeated Implementation; Subgame Perfect Implementation; Overlapping Generations; Necessary and Sufficient Conditions; Efficiency in the Range;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cdf:wpaper:2017/16. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Yongdeng Xu (email available below). General contact details of provider: https://edirc.repec.org/data/ecscfuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.