THEORY AND PRACTICE IN THE CLASSROOM: A REPEATED GAME OF MULTIMARKET OLIGOPOLY

Timothy L. Sorenson

Contemporary Economic Policy, 2002, vol. 20, issue 3, 316-329

Abstract: This article describes a repeated game of multimarket contact, designed to be played throughout an entire term. Besides enjoying reciprocal advantages in their home markets, firms are perfectly informed after every round about each other's decisions. For most of the game, it appears there is always a future in which to punish deviations, and (with the game's parameters) zero‐cost punishments can always be implemented. Thus the game provides all the elements for an escape from the prisoner's dilemma. Theoretical foundations, predictions, and some results are also discussed.

Date: 2002
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