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Value Oriented Equilibria in Repeated Games of Complete Information

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  • John Payne Bigelow

    (Louisiana State University)

Abstract

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.

Suggested Citation

  • John Payne Bigelow, 1996. "Value Oriented Equilibria in Repeated Games of Complete Information," Game Theory and Information 9607003, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpga:9607003
    Note: 15 pages, WordPerfect 5.1 document, no figures.
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    References listed on IDEAS

    as
    1. Robert J. Aumann, 1995. "Repeated Games with Incomplete Information," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011476, April.
    2. 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.
    3. Wen, Quan, 1994. "The "Folk Theorem" for Repeated Games with Complete Information," Econometrica, Econometric Society, vol. 62(4), pages 949-954, July.
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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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