# Collective Dynamic Consistency in Repeated Games

@article{Bernheim1989CollectiveDC, title={Collective Dynamic Consistency in Repeated Games}, author={B. Douglas Bernheim and Debraj Ray}, journal={Games and Economic Behavior}, year={1989}, volume={1}, pages={295-326} }

We formalize the notion of collective dynamic consistency for noncooperative repeated games. Intuitively, we require that an equilibrium not prescribe any course of action in any subgame that players would jointly wish to renegotiate, given the restriction that any alternative must itself be invulnerable to subsequent deviations and renegotiation. While the appropriate definition of collective dynamic consistency is clear for finitely repeated games, serious conceptual difliculties arise when… Expand

#### 239 Citations

Stable agreements in infinitely repeated games

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The proposed notion of "stable agreements" extends a characterization of the set of subgame perfect equilibrium paths by Greenberg (1989, 1990) to account for self-enforcing coalitional deviations. Expand

An axiomatization of plays in repeated games

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It is shown that in repeated games, players eventually engage in a pattern of action profiles, which is called a convention, and such that players switch between two Pareto unranked profiles (across which they each change action). Expand

An Axiomatization of Plays in Repeated Games

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Suppose that, in repeated games, players eventually engage in a pattern of action profiles, which we call a convention. Do some conventions seem more plausible than others? We answer axiomatically… Expand

Explicit renegotiation in repeated games

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- 2014

Cooperative concepts of renegotiation in repeated games have typically assumed that Pareto-ranked equilibria could not coexist within the same renegotiation-proof set. With explicit renegotiation,… Expand

Renegotiation-proof relational contracts

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This paper derives simple conditions that allow a constructive characterization of all Pareto-optimal subgame perfect payoffs for all discount factors and examines different concepts of renegotiation-proofness and extend the characterization to reneg negotiation-proof payoffs. Expand

Coalition-Stable Equilibria in Repeated Games

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- 2004

It is well-known that subgame-perfect Nash equilibrium does not eliminate incentives for joint-deviations or renegotiations. This paper presents a systematic framework for studying non-cooperative… Expand

Renegotiation and Coordination with Private Values

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- SSRN Electronic Journal
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This work defines and characterize renegotiation-proof equilibria of coordination games with preplay communication in which players have private preferences over the feasible coordinated outcomes such that players never miscoordinate, and players communicate only the ordinal part of their preferences. Expand

Renegotiation in Repeated Games with Side-Payments

- Economics, Computer Science
- Games Econ. Behav.
- 2000

If endowments are large enough and the common discount factor high enough, then a strongly renegotiation–proof equilibrium (SRP) in the sense of Farrell and Maskin exists, and as the discount factor goes to 1, the set of SRP payoffs converges to theSet of efficient, individually rational payoffs. Expand

Bargaining power in repeated games

- Economics, Computer Science
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- 2005

A refinement of the subgame perfect equilibrium concept for infinitely repeated games, selection-consistent perfect equilibrium is proposed, reflecting the idea that players may not expect future bargaining power to be correlated with bygone actions. Expand

Stability Implies Renegotiation Proofness

- 2020

In generic two-player finitely repeated games, if a particular outcome path is induced by a set of equilibria that is stable in the sense of Mertens (Mathematics of Operations Research 1989,… Expand

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