Markov Perfection and Cooperation in Repeated Games
Author | : Frank Stähler |
Publisher | : |
Total Pages | : 24 |
Release | : 1996 |
Genre | : Cooperation |
ISBN | : |
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Author | : Frank Stähler |
Publisher | : |
Total Pages | : 24 |
Release | : 1996 |
Genre | : Cooperation |
ISBN | : |
Author | : |
Publisher | : |
Total Pages | : 0 |
Release | : 1996 |
Genre | : |
ISBN | : |
Author | : Roger Lagunoff |
Publisher | : |
Total Pages | : 0 |
Release | : 1998 |
Genre | : |
ISBN | : |
This paper examines the issue of multiplicity of equilibria in alternating move repeated games with two players. Such games are canonical models of environments with repeated, asynchronous choices due to inertia or replacement. We focus our attention on Markov Perfect equilibria (MPE). These are Perfect equilibria in which individuals condition their actions on payoff-relevant state variables. Our main result is that the number of Markov Perfect equilibria is generically finite with respect to stage game payoffs. This holds despite the fact that the stochastic game representation of the alternating move repeated game is "non-generic" in the larger space of state dependent payoffs. We also compare the MPE to non-Markovian equilibria and to the (trivial) MPE of standard repeated games. Unlike the latter, it is often true when moves are asynchronous that Pareto inferior stage game equilibrium payoffs cannot be supported in MPE. Also, MPE can be constructed to support cooperation in a Prisoner's Dilemma despite limited possibilities for constructing punishments.
Author | : Emanuel Vespa |
Publisher | : |
Total Pages | : 54 |
Release | : 2015 |
Genre | : |
ISBN | : |
This paper experimentally examines the selection of equilibria in dynamic games. Our baseline treatment is a two-state extension of an indefinitely repeated prisoner's dilemma, which we modify in series of treatments to study the focality of efficiency and symmetry, the effect dynamic and static strategic externalities, and the size of the state-space. Subjects in our experiments show an affinity for conditional cooperation, readily conditioning their behavior on both the state of the world, and recent history of play. With strong dynamic and static externalities present we see most subjects coordinate on efficiency by conditioning on past play. However, when we remove either type of strategic externality, conditioning on just the state becomes more common, and behavior is consistent with the Markov-perfect prediction. Changes to the environment's state-space are more nuanced: perturbations of the game with small-sized noise does not lead to more state-conditioned behavior; however, a richer set of endogenous states does lead to more Markov-perfect behavior.
Author | : George J. Mailath |
Publisher | : |
Total Pages | : 40 |
Release | : 1998 |
Genre | : Game theory |
ISBN | : |
Author | : Drew Fudenberg |
Publisher | : Imperial College Press |
Total Pages | : 391 |
Release | : 2009 |
Genre | : Mathematics |
ISBN | : 9812818464 |
This book brings together the joint work of Drew Fudenberg and David Levine (through 2008) on the closely connected topics of repeated games and reputation effects, along with related papers on more general issues in game theory and dynamic games. The unified presentation highlights the recurring themes of their work.
Author | : Ben Lockwood |
Publisher | : |
Total Pages | : |
Release | : 1993 |
Genre | : |
ISBN | : |
Author | : Martin Hellwig |
Publisher | : |
Total Pages | : 35 |
Release | : 1988 |
Genre | : |
ISBN | : |
Author | : Ben Lockwood |
Publisher | : |
Total Pages | : 24 |
Release | : 1993 |
Genre | : |
ISBN | : |
Author | : Fabian Müller |
Publisher | : |
Total Pages | : 192 |
Release | : 2018 |
Genre | : |
ISBN | : |