This paper considers discounted repeated games with boundedly rational players. In each period, player i chooses his current action on the basis of his forecast about the forthcoming n(i) action profiles; his assessment of the payoffs he will obtain next depends on his state of mind, which is non-deterministic. A limited forecast equilibrium is such that after every history the limited horizon forecasts formed by the players are correct. The set of all limited forecast equilibria is characterized and constructed. Application to the repeated prisoner's dilemma shows that limited foresight may sometimes induce purely cooperative paths while purely non-cooperative paths cannot arise.

Journal Article Note Get access P. Frevert P. Frevert University of Kansas Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 2, April 1971, Pages 269–270, https://doi.org/10.2307/2296784 Published: 01 April 1971

Journal Article On the Stability of Full Employment Equilibrium Get access P. Frevert P. Frevert University of Kansas Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 2, April 1970, Pages 239–251, https://doi.org/10.2307/2296416 Published: 01 April 1970 Article history Received: 01 February 1969 Accepted: 01 September 1969 Published: 01 April 1970

The notion of capital as a “factor of production”, on which the theories of production and distribution dominant since the latter part of the last century ultimately rely, has been the object of considerable discussion in recent years. As is well known, these theories had their origin in a reformulation in terms of homogeneous land and “intensive” margins, of the Malthusian theory of rent.

Journal Article On the Theory of "Second Best" Get access P. Bohm P. Bohm University of Stockholm Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 3, July 1967, Pages 301–314, https://doi.org/10.2307/2296678 Published: 01 July 1967

Journal Article Capital Levies in Western Europe After the Second World War Get access P. Robson P. Robson Belfast Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 27, Issue 1, October 1959, Pages 23–43, https://doi.org/10.2307/2296048 Published: 01 October 1959

Journal Article Neutral Money in Patinkin's “Money, Interest, and Prices” Get access P. Wonnacott P. Wonnacott Washington, D.C. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 26, Issue 1, October 1958, Pages 70–71, https://doi.org/10.2307/2295861 Published: 01 October 1958

Journal Article Reserve Capacity and the Kinked Demand Curve Get access P. Streeten P. Streeten Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 18, Issue 2, 1950, Pages 103–113, https://doi.org/10.2307/2295798 Published: 01 April 1950

Journal Article Colonial Industrialisation and British Employment Get access P. Ady P. Ady Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 11, Issue 1, Winter 1943, Pages 42–51, https://doi.org/10.2307/2967518 Published: 01 December 1943

We exploit an exogenous change in basis risk in the oil and gas industry to analyze the channels through which hedging affects firm value. Using a difference-in-differences framework, we find that firms affected by a basis risk shock reduce investment, have lower valuations, sell assets, and reduce debt. Our findings are driven by firms with ex ante high leverage. Overall, our results provide evidence that reducing the probability of financial distress and underinvestment risk are first-order channels through which hedging affects firm value.