English, Article edition: The Castle on the Hill David Levine

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Bookmark: http://trove.nla.gov.au/version/112781
Physical Description
  • article
Language
  • English

Edition details

Title
  • The Castle on the Hill
Author
  • David Levine
Physical Description
  • article
Notes
  • A simple example of a stochastic games with irreversibility is studied and it is shown that the folk theorem fails in a robust way. In this game of Castle on the Hill, for a broad range of discount factors, including those close to me, equilibrium is unique. Moreover, the equilibrium for large discount factors is Pareto dominated by the equilibrium for low discount factors. A unique cyclic equilibrium is also possible for intermediate ranges of discount factors. (Copyright: Elsevier)
  • RePEc:red:issued:v:3:y:2000:i:2:p:330-337
Language
  • English
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