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Aspiration, Sympathy and Minmax Outcome

Akihiko Matsui and Inkoo Cho
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Akihiko Matsui: University of Tokyo

No 57, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: We focus on the outcomes sustained by the decision rule consistent with the satisficing behavior a la Simon [1987], slightly perturbed to incorporate sympathy in the spirit of Hume [1978]. For a general class of two person games, as the probability of continuing the long term relationship converges to 1, all agents in the economy almost always play the most egalitarian outcome among Pareto efficient outcome, which is the efficient Rawlsian outcome. The Rawlsian criterion is generated through repeated long term interactions among agents in a decentralized fashion.

Date: 2010
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