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information in repeated games. We show that dynamically robust equilibria can be characterized using a one-shot robustness … equilibrium values in the repeated prisoners' dilemma. We show that robustness requirements have sharp intuitive implications …
Persistent link: https://www.econbiz.de/10011695089
We prove a folk theorem for multiplayer games in continuous time when players observe a public signal distorted by Brownian noise. The proof is based on a rigorous foundation for such continuous-time multiplayer games. We study in detail the relation between behaviour and mixed strategies, and...
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Under what conditions can cooperation be sustained in a network of strangers? Here we study the role of institutions and uncover a new behavioral foundation for the use of monetary systems. In an experiment, anonymous subjects could cooperate or defect in bilateral random encounters. This...
Persistent link: https://www.econbiz.de/10011735015
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This paper considers an infinitely repeated three-player Bayesian game with lack of information on two sides, in which … generalization of Aumann, Maschler and Stearns (1995) two-player zero-sum one-sided incomplete information model. Under a correlated … prior, the informed player faces the problem of how to optimally disclose information among two uninformed players in order …
Persistent link: https://www.econbiz.de/10012841729
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agreements.To derive our main results we apply the Folk Theorem to the river sharing problem using the equilibrium concepts of … subgame-perfect equilibrium and renegotiation-proof equilibrium. We show that, given the upstream-downstream asymmetry …
Persistent link: https://www.econbiz.de/10010224772
value for which the players obtain all the feasible and individually rational payoffs as equilibrium payoffs. We show that … affect dramatically the equilibrium payoffs. …
Persistent link: https://www.econbiz.de/10011891128