Markov Perfect equilibria in repeated asynchronous choice games

作者：Haller Hans^*; Lagunoff Roger

来源：Journal of Mathematical Economics, 2010, 46(6): 1103-1114.

DOI：10.1016/j.jmateco.2009.09.003

• Repeated games
• Asynchronous choice
• Alternating moves
• Stochastic games
• Markov Perfect equilibria
• Genericity

This paper examines the issue of multiplicity of Markov Perfect equilibria in alternating move repeated games. Such games are canonical models of environments with repeated, asynchronous choices due to inertia or replacement. Our main result is that the number of Markov Perfect equilibria is generically finite with respect to stage game payoffs. This holds despite the fact that the stochastic game representation of the alternating move repeated game is "non-generic" in the larger space of state dependent payoffs. We further obtain that the set of completely mixed Markov Perfect equilibria is generically empty with respect to stage game payoffs.

• 出版日期2010-11-20