EFFICIENCY AND OBSERVABILITY WITH LONG-RUN AND SHORT-RUN PLAYERS
成果类型：
Article
署名作者：
FUDENBERG, D; LEVINE, DK
署名单位：
University of California System; University of California Los Angeles
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1006
发表日期：
1994
页码：
103-135
关键词：
摘要：
We present a general algorithm for computing the limit, as delta --> 1, of the set of payoffs of perfect public equilibria of repeated games with long-run and short-run players, allowing for the possibility that the players' actions are not observable by their opponents. We illustrate the algorithm with two economic examples. In a simple partnership we show how to compute the equilibrium payoffs when the folk theorem fails. In an investment game, we show that two competing capitalists subject to moral hazard may both become worse off if their firms are merged and they split the profits from the merger. Finally, we show that with short-run players each long-run player's highest equilibrium payoff is generally greater when their realized actions are observed. (C) 1994 Academic Press, Inc.