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Are "Anti-Folk Theorems" in Repeated Games Nongeneric?

Author

Listed:
  • Roger Lagunoff

    (Georgetown University)

  • Akihiko Matsui

    (The University of Tokyo)

Abstract

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.

Suggested Citation

  • Roger Lagunoff & Akihiko Matsui, 1999. "Are "Anti-Folk Theorems" in Repeated Games Nongeneric?," Game Theory and Information 9906001, University Library of Munich, Germany, revised 03 Jun 1999.
    • Handle: RePEc:wpa:wuwpga:9906001
    Note: Type of Document - Acrobat pdf file; prepared on IBM PC ; to print on Acrobat PDF Writer;
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    References listed on IDEAS

    as
    1. Maskin, Eric & Tirole, Jean, 1987. "A theory of dynamic oligopoly, III : Cournot competition," European Economic Review, Elsevier, vol. 31(4), pages 947-968, June.
    2. Roger Lagunoff & Akihiko Matsui, "undated". ""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.
    3. Maskin, Eric & Tirole, Jean, 1988. "A Theory of Dynamic Oligopoly, I: Overview and Quantity Competition with Large Fixed Costs," Econometrica, Econometric Society, vol. 56(3), pages 549-569, May.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Quan Wen, 2002. "Repeated Games with Asynchronous Moves," Vanderbilt University Department of Economics Working Papers 0204, Vanderbilt University Department of Economics.
    2. Takahashi, Satoru, 2005. "Infinite horizon common interest games with perfect information," Games and Economic Behavior, Elsevier, vol. 53(2), pages 231-247, November.
    3. Dutta, Prajit K., 2012. "Coordination need not be a problem," Games and Economic Behavior, Elsevier, vol. 76(2), pages 519-534.

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    More about this item

    Keywords

    repeated games; asynchronously repeated games; renewal games; coordination games;
    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

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