Econometrica Vol. 64 No. 6 1996
Multistage Situations
Abstract
The authors introduce and analyze 'multistage situations, ' which generalize 'multistage games' (which, in turn, generalize 'repeated games'). One reason for this generalization is to avoid the perhaps unrealistic constraints--inherent to noncooperative games--that the set of strategy tuples must be a Cartesian product of the strategy sets of the players. Another reason is that, in most economic and social activities (e.g., in sequential bargaining without a rigid protocol), the 'rules of the game' are rather amorphous; the procedures are rarely pinned down. Such social environments can, however, be represented as multistage situations and be effectively analyzed through the theory of social situations.
- DOI
- 10.2307/2171837
- Volume
- 64
- Issue
- 6
- Pages
- 1415
- Sources
- bibtex:phds-export.bib crossref openalex