Discussion Paper Details

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Title: Recursive Global Games

Author(s): Chryssi Giannitsarou and Flavio Toxvaerd

Publication Date: September 2007

Keyword(s): dynamic global games, Dynamic supermodular games and endogenous cycles

Programme Area(s): Industrial Organization

Abstract: The present paper contributes to the literature on dynamic games with strategic complementarities, in two interrelated ways. First, we identify a class of dynamic complete information games in which intertemporal complementarities and multiple equilibria can be fruitfully analyzed. Second, we extend the analysis to an incomplete information framework, where results from the literature on global games can be applied to select a unique Markov perfect equilibrium in monotone strategies.

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Bibliographic Reference

Giannitsarou, C and Toxvaerd, F. 2007. 'Recursive Global Games'. London, Centre for Economic Policy Research.