Vidal's libraryTitle: | The Folk Theorem in Repeated Games with Discounting or with Incomplete Information |
Author: | Drew Fudenberg and Eric Maskin |
Journal: | Econometrica |
Volume: | 54 |
Number: | 3 |
Pages: | 533--554 |
Year: | 1986 |
Abstract: | When either there are only two players or a "full dimensionality" condition holds, any individually rational payoff vector of a one-shot game of complete information can arise in a perfect equilibrium of the infinitely-repeated game if players are sufficiently patient. In contrast to earlier work, mixed strategies are allowed in determining the individually rational payoffs (even when only realized actions are observable). Any individually rational payoffs of a one-shot game can be approximated by sequential equilibrium payoffs of a long but finite game of incomplete information, where players' payoffs are almost certainly as in the one-shot game. |
Cited by 731 - Google Scholar
@Article{fudenberg86a,
author = {Drew Fudenberg and Eric Maskin},
title = {The Folk Theorem in Repeated Games with Discounting
or with Incomplete Information},
journal = {Econometrica},
year = 1986,
volume = 54,
number = 3,
pages = {533--554},
abstract = { When either there are only two players or a "full
dimensionality" condition holds, any individually
rational payoff vector of a one-shot game of
complete information can arise in a perfect
equilibrium of the infinitely-repeated game if
players are sufficiently patient. In contrast to
earlier work, mixed strategies are allowed in
determining the individually rational payoffs (even
when only realized actions are observable). Any
individually rational payoffs of a one-shot game can
be approximated by sequential equilibrium payoffs of
a long but finite game of incomplete information,
where players' payoffs are almost certainly as in
the one-shot game.},
url = {http://jmvidal.cse.sc.edu/library/fudenberg86a.pdf},
cluster = {9204460992913534317}
}
Last modified: Wed Mar 9 10:13:40 EST 2011