Equilibrium Selection in the Repeated Prisoner's Dilemma: Axiomatic Approach and Experimental Evidence

Volume: 3, Issue: 3, Pages: 164 - 192
Published: Aug 1, 2011
Abstract
We propose an axiomatic approach for equilibrium selection in the discounted, infinitely repeated symmetric Prisoner's Dilemma. Our axioms characterize a unique selection criterion that is also useful as a tool for applied comparative statics exercises as it results in a critical discount factor 6* strictly larger than 6, the standard criterion that has often been used in applications. In an experimental test we find a strong predictive power of...
Paper Details
Title
Equilibrium Selection in the Repeated Prisoner's Dilemma: Axiomatic Approach and Experimental Evidence
Published Date
Aug 1, 2011
Volume
3
Issue
3
Pages
164 - 192
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