Uniqueness in infinitely repeated decision problems
نویسندگان
چکیده
Dynamic decision-making without commitment is usually modelled as a game between the current and future selves of the decision maker. It has been observed that if the time-horizon is infinite, then such games may have multiple subgame-perfect equilibrium solutions. We provide a sufficient condition for uniqueness in a class of such games, namely infinitely repeated decision problems with discounting. The condition is two-fold: the range of possible utility levels in the decision problem should be bounded from below, and the discount function should exhibit weakly increasing patience, that is, the ratio between the discount factors attached to periods t + 1 and t should be non-decreasing in t, a condition met by exponential, quasi-exponential and hyperbolic discounting. JEL codes: C61, C72, C73, D90
منابع مشابه
Multiplicity and uniqueness in dynamic decision problems
Dynamic decision-making without commitment is usually modelled as a game between the current and future selves of the decision-maker. It has been observed that if the time-horizon is infinite, then such games may have multiple subgame-perfect equilibrium solutions. We show that such multiplicity arises in an open set of stochastic dynamic programming problems with minimal non-trivial stateand a...
متن کاملExistence results of infinitely many solutions for a class of p(x)-biharmonic problems
The existence of infinitely many weak solutions for a Navier doubly eigenvalue boundary value problem involving the $p(x)$-biharmonic operator is established. In our main result, under an appropriate oscillating behavior of the nonlinearity and suitable assumptions on the variable exponent, a sequence of pairwise distinct solutions is obtained. Furthermore, some applications are pointed out.
متن کاملInfinitely Split Nash Equilibrium Problems in Repeated Games
In this paper, we introduce the concept of infinitely split Nash equilibrium in repeated games in which the profile sets are chain-complete posets. Then by using a fixed point theorem on posets in [8], we prove an existence theorem. As an application, we study the repeated extended Bertrant duopoly model of price competition.
متن کاملUNIQUENESS OF SOLUTION FOR A CLASS OF STEFAN PROBLEMS
This paper deals with a theoretical mathematical analysis of one-dimensional solidification problem, in which kinetic undercooling is incorporated into the This temperature condition at the interface. A model problem with nonlinear kinetic law is considered. We prove a local result intimate for the uniqueness of solution of the corresponding free boundary problem.
متن کاملBoundary-value Problems of Piezoelectricity in Domains with Cuts
In a domain with cut static boundary-value problems of piezoelectricity are investigated. The existence and uniqueness of solutions of the considered boundary value problems are proved and an asymptotic expansion of solutions near the edges of the cut are obtained. Let Ω and Ω1 (Ω1 ⊂ Ω) be a bounded domains in the three-dimensional Euclidean space R with infinitely smooth boundaries ∂Ω and ∂Ω1,...
متن کامل