We show that in long repeated games, or in infinitely repeated games with discount rate close to one, payoffs corresponding to evolutionary stable sets are asymptotically efficient, as intuition suggests. Actions played at the beginning of the game are used as messages that allow players to...

We show that in long repeated games, or in infinitely repeated games with discount rate close to one, payoffs corresponding to evolutionary stable sets are asymptotically efficient, as intuition suggests. Actions played at the beginning of the game are used as messages that allow players to...

Common wisdom about the effects of gas market liberalization in the EU claims that the fragmentation of gas supply in the downstream market can raise the price of gas imports, as the bargaining power of European firms in the upstream market would be weakened. We consider such a claim from the...

Common wisdom about the effects of gas market liberalization in the EU claims that the fragmentation of gas supply in the downstream market can raise the price of gas imports, as the bargaining power of European firms in the upstream market would be weakened. We consider such a claim from the...