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Equilibrium selection in the repeated Prisoner's Dilemma : Axiomatic approach and experimental evidence
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- Spagnolo, Giancarlo (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Ockenfels, P (author)
- Goethe University Frankfurt (DE)
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- Blonski, M (author)
- Centre for Economic Policy Research
- (creator_code:org_t)
- American Economic Association, 2011
- 2011
- English.
- In: American Economic Journal: Microeconomics. - : American Economic Association. - 1945-7669 .- 1945-7685. ; 3:3, s. 164-192
- Journal article (peer-reviewed)
Abstract
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- 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 δ* strictly larger than δ, the standard criterion that has often been used in applications. In an experimental test we find a strong predictive power of our proposed criterion. For parameter changes where the standard and our criterion predict differently, changes in observed cooperation follow predictions based on δ*. (JEL C72, C73, C92, D81)
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
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