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Are "Anti-Folk Theorems" in Repeated Games Nongeneric?

Paper:ewp-game/9906001
From:    
Date: Thu, 3 Jun 1999 14:07:52 -0500 (CDT)
Date (revised): Thu, 3 Jun 1999 14:49:47 -0500 (CDT)

Title: Are "Anti-Folk Theorems" in Repeated Games Nongeneric?
Author: Roger Lagunoff (Georgetown University) and Akihiko Matsui (The University of Tokyo)
Contact:
Comments: Type of Document - Acrobat pdf file; prepared on IBM PC ; to print on Acrobat PDF Writer; pages: 17; figures: included
Keywords: repeated games, asynchronously repeated games, renewal games, coordination games
JEL: C72 C73
EWPA-references: N/A
Report-no: GU #99-06

Abstract:

Folk Theorems in repeated games hold fixed the game payoffs, while the discount factor is varied freely. We show that these results may be sensitive to the order of limits in situations where players move asynchronously. Specifically, we show that when moves are asynchronous, then for a fixed discount factor close to one there is an open neighborhood of games which contains a pure coordination game such that every Perfect equilibrium of every game in the neighborhood approximates to an arbitrary degree the unique Pareto dominant payoff of the pure coordination game.

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