@techreport{Bernergard2011Folk,
abstract = {The folk theorems for infinitely repeated games with discounting presume that the discount rate between two successive periods is constant. Following the literature on quasi-exponential or hyperbolic discounting, I model the repeated interaction between two or more decision makers in a way that allows present-biased discounting where the discount factor between two successive periods increases with the waiting time until the periods are reached. I generalize Fudenberg and Maskin's (1986) and Abreu, Dutta and Smith's (1994) folk theorems for repeated games with discounting so that they apply when discounting is present-biased. Patience is then represented either by the discount factor between the next and the current period or, alternatively, by the sum of the discount factors for all future periods.},
address = {Stockholm},
author = {Axel Bernerg\aa{}rd},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C73; 330; folk theorem; present-biased; discounting; hyperbolic; Wiederholte Spiele; Zeitkonsistenz; Folk-Theorem; Spieltheorie},
language = {eng},
number = {736},
publisher = {Ekonomiska Forskningsinst.},
title = {Folk theorems for present-biased players},
type = {SSE/EFI Working Paper Series in Economics and Finance},
url = {http://hdl.handle.net/10419/56087},
year = {2011}
}
