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Games of love and hate
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Ray, Debraj and Vohra, Rajiv (2020) Games of love and hate. Journal of Political Economy, 128 (5). pp. 1789-1825. doi:10.1086/705552 ISSN 0022-3808.
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Official URL: https://doi.org/10.1086/705552
Abstract
A strategic situation with payoff-based externalities is one in which a player’s payoff depends on her own action and others’ payoffs. We place restrictions on the resulting interdependent utility system that generate a standard normal form, referred to as a “game of love and hate.” Our central theorem states that every equilibrium of a game of love and hate is Pareto optimal. While externalities are restricted to flow only through payoffs, there are no other constraints: they could be positive or negative or of varying sign. We examine the philosophical implications of the restrictions that underlie this theorem.
Item Type: | Journal Article | ||||||||
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
Journal or Publication Title: | Journal of Political Economy | ||||||||
Publisher: | University of Chicago Press | ||||||||
ISSN: | 0022-3808 | ||||||||
Official Date: | May 2020 | ||||||||
Dates: |
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Volume: | 128 | ||||||||
Number: | 5 | ||||||||
Page Range: | pp. 1789-1825 | ||||||||
DOI: | 10.1086/705552 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 13 March 2019 | ||||||||
Date of first compliant Open Access: | 22 July 2020 | ||||||||
Related URLs: | |||||||||
Open Access Version: |
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