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dc.contributor.authorBarlo, Mehmet
dc.contributor.authorCarmona, Guilherme
dc.contributor.authorSabourian, Hamid
dc.date.accessioned2019-05-13T09:42:36Z
dc.date.available2019-05-13T09:42:36Z
dc.date.issued2016-05
dc.identifier.issn0022-0531
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/292700
dc.description.abstractWe show that the Folk Theorem holds for n-player discounted repeated games with bounded memory (recall) strategies. Our main result demonstrates that any payoff profile that exceeds the pure minmax payoff profile can be approximately sustained by a pure strategy finite memory subgame perfect equilibrium of the repeated game if the players are sufficiently patient. We also show that the result can be extended to any payoff profile that exceeds the mixed minmax payoff profile if players can randomize at each stage of the repeated game. Our results requires neither time-dependent strategies, nor public randomization, nor any communication. The type of strategies we employ to establish our result turn out to have new features that may be important in understanding repeated interactions.
dc.publisherElsevier BV
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.titleBounded memory Folk Theorem
dc.typeArticle
prism.endingPage774
prism.numberC
prism.publicationDate2016
prism.publicationNameJournal of Economic Theory
prism.startingPage728
prism.volume163
dc.identifier.doi10.17863/CAM.39853
dcterms.dateAccepted2016-03-02
rioxxterms.versionofrecord10.1016/j.jet.2016.03.001
rioxxterms.versionAM
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserved
rioxxterms.licenseref.startdate2016-05
dc.contributor.orcidSabourian, Hamid [0000-0003-0277-2736]
rioxxterms.typeJournal Article/Review
cam.issuedOnline2016-03-07


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Attribution-NonCommercial-NoDerivatives 4.0 International
Except where otherwise noted, this item's licence is described as Attribution-NonCommercial-NoDerivatives 4.0 International