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Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 10 [Issue:] 1 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2015 [Pages:] 131-173
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
We characterize perfect public equilibrium payoffs in dynamic stochastic games, in the case where the length of the period shrinks, but players' rate of time discounting and the transition rate between states remain fixed. We present a meaningful definition of the feasible and individually rational payoff sets for this environment, and we prove a folk theorem under imperfect monitoring. Our setting differs significantly from the case considered in previous literature (Dutta (1995), Fudenberg and Yamamoto (2011), and Hörner, Sugaya, Takahashi, and Vieille (2011)) where players become very patient. In particular, the set of equilibrium payoffs typically depends on the initial state.
Schlagwörter: 
Stochastic games
folk theorem
JEL: 
C72
C73
Persistent Identifier der Erstveröffentlichung: 
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Dokumentart: 
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