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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP3884 |
DP3884 Are we Better Off if our Politicians Have More Information? | |
Johan Lagerlof | |
发表日期 | 2003-05-23 |
出版年 | 2003 |
语种 | 英语 |
摘要 | Collusive agreements and relational contracts are commonly modeled as equilibria of dynamic games with the strategic features of the repeated Prisoner's Dilemma. The pay-offs agents obtain when being ?cheated upon? by other agents play no role in these models. We propose a way to take these pay-offs into account, and find that cooperation as equilibrium of the infinitely repeated discounted Prisoner's Dilemma is often implausible: for a significant subset of the pay-off discount factor parameter space, all cooperation equilibria are strictly risk dominated in the sense of Harsanyi and Selten (1988). We derive an easy-to-calculate critical level for the discount factor below which this happens, also function of pay-offs obtained when others defect, and argue it is a better measure for the ?likelihood? of cooperation than the critical level at which cooperation is supportable in equilibrium. Our results apply to other games sharing the strategic structure of the Prisoner's Dilemma (repeated oligopolies, relational-contracting models, etc.). We illustrate our main result for collusion equilibria in the repeated Cournot duopoly. |
主题 | Industrial Organization |
关键词 | Cooperation Collusion Repeated games Relational contracts Risk dominance Cartel stability Strategic risk |
URL | https://cepr.org/publications/dp3884 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532871 |
推荐引用方式 GB/T 7714 | Johan Lagerlof. DP3884 Are we Better Off if our Politicians Have More Information?. 2003. |
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