This paper develops a model of strategic behaviour in continuous time games of complete information. This model bridges the gap between the differential formulation of a continuous time game and the procedure of taking limits with respect to discrete time games. The model admits a large class of...

This paper introduces a general framework for the discussion of renegotiation in repeated games, provides a new concept of "renegotiation proof" equilibrium, and shows how this model clarifies and unifies existing work in this area. The procedure involves restricting axiomatically the class of...

This paper develops a simple “instant-response” model of strategic behavior where players can react instantly to changing circumstances, but at the same time face some inertia after changing action. The framework is used to reconsider the folk theorem and, in particular, the role of the key...

We study economic environments in which agents make choices on the basis of relative performance criteria and call the associated class of dynamic adjustment rules "comparative dynamics". We distinguish two classes of learning behavior: learning from the population experience (imitative...

The intent of the patent system is to encourage innovation by granting the innovator exclusive rights to a discovery for a limited period of time: with monopoly power, the innovator can recover the costs of creating the innovation which otherwise might not have existed. And, over time, the...

This paper examines the role of the player type distributions in repeated zero sum games of incomplete information with discounting of payoffs. In particular the strategic "sufficiency" of the posterior distributions for histories and the Limiting properties of the posterior sequence are...

Recent evolutionary models have introduced "small mutation rates" as a way of refining predictions of long-run behavior. We show that if mutation rates are allowed to vary across states, then mutations no longer narrow the set of possible predictions. In particular, given any model of the effect...