We present a complete picture of the relationship between the existence of 0-optimal strategies and ε-optimal strategies, ε>0, in the classes of stationary, Markov and history dependent strategies. Copyright Springer-Verlag Berlin Heidelberg 2002

Edgeworth price cycles refer to an asymmetric pattern of prices that result from a dynamic pricing equilibrium among competing oligopolists. The resulting time series takes on a sawtooth shape – many small price decreases interrupted only by occasional large price increases. Maskin and Tirole...

In a team project with significant complementarities between various players' individual tasks, news of early success by some encourages others to push ahead with their own tasks while lack of success has the opposite effect. This ex-post disparity in incentives created gives rise to two...

For the iterated Prisoner's Dilemma there exist good strategies which solve the problem when we restrict attention to the long term average payoff. When used by both players, these assure the cooperative payoff for each of them. Neither player can benefit by moving unilaterally to any other...

The simultaneous management, in an international context, of free-access renewable resources and transboundary pollution, is examined in a dynamic game framework. First-best outcomes under international cooperation are determined and compared to noncooperative outcomes when countries follow...

For the iterated Prisoner's Dilemma there exist good strategies which solve the problem when we restrict attention to the long term average payoff. When used by both players, these assure the cooperative payoff for each of them. Neither player can benefit by moving unilaterally to any other...