Article ID Journal Published Year Pages File Type
5071986 Games and Economic Behavior 2012 16 Pages PDF
Abstract
► We consider dynamic group formation in repeated n-person prisonerʼs dilemma. ► Group agreements are self-binding as repeated game strategies. ► Individuals renegotiate group agreements of cooperation. ► A Markov perfect equilibrium of dynamic group formation is analyzed. ► A Pareto efficient group is necessarily formed through renegotiations.
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Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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Dynamic group formation in the repeated prisonerʼs dilemma
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