On Repeated Games with Endogenous Matching Decision

Heiner Schumacher

Journal of Institutional and Theoretical Economics (JITE), 2015, vol. 171, issue 3, 544-564

Abstract: We study infinitely repeated games that are played by many groups simultaneously and where players have the option to maintain or quit relationships. For two-player stage games any individually rational payoff vector in the relative interior of V* can be sustained as equilibrium payoff if the discount factor δ is sufficiently large. Such a statement is not possible for stage games with more than two players. We translate the refinement of weak renegotiation-proofness to our framework and characterize the set of payoffs that can be sustained through strategies that are ibilaterally rationalj in the sense of Ghosh and Ray (1996).

JEL-codes: C70 C72 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1628/093245613X14302136524716

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