Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/217096 
Year of Publication: 
2019
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 14 [Issue:] 2 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2019 [Pages:] 597-646
Publisher: 
The Econometric Society, New Haven, CT
Abstract: 
We characterize a class of dynamic stochastic games that we call separable dynamic games with noisy transitions and establish that these widely used models are protocol invariant provided that periods are sufficiently short. Protocol invariance means that the set of Markov perfect equilibria is nearly the same irrespective of the order in which players are assumed to move within a period. Protocol invariance can facilitate applied work and renders the implications and predictions of a model more robust. Our class of dynamic stochastic games includes investment games, R\&D races, models of industry dynamics, dynamic public contribution games, asynchronously repeated games, and many other models from the extant literature.
Subjects: 
Dynamic stochastic games
timing of decisions
commitment
protocol invariance
JEL: 
C7
C6
D0
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.