Laurence Ales and
Journal of Economic Theory, 2014, vol. 152, issue C, 324-355
We analyze an equilibrium concept called revision-proofness for infinite-horizon games played by a dynasty of players. Revision-proofness requires strategies to be robust to joint deviations by multiple players and is a refinement of sub-game perfection. Sub-game perfect paths that can only be sustained by reversion to paths with payoffs below those of an alternative path are not revision-proof. However, for the important class of quasi-recursive games careful construction of off-equilibrium play can render many, and in some cases all, sub-game perfect paths revision-proof.
Keywords: Dynamic games; Repeated games; Renegotiation-proofness; Equilibrium refinements (search for similar items in EconPapers)
JEL-codes: C72 C73 E61 (search for similar items in EconPapers)
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Working Paper: Revision Proofness
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:152:y:2014:i:c:p:324-355
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