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SUMMARY:Gabriel Carroll: Dynamic Incentives in Incompletely Specified Envi
 ronments  - Gabriel Carroll (University of Toronto)
DTSTART;VALUE=DATE-TIME:20211112T151500Z
DTEND;VALUE=DATE-TIME:20211112T163000Z
UID:https://talks.ox.ac.uk/talks/id/b7ba2a68-65be-4404-92a5-27437e1c7136/
DESCRIPTION:Consider a repeated interaction where it is unknown which of v
 arious stage games will be played each period.  This framework captures th
 e logic of intertemporal incentives even though numeric payoffs to any str
 ategy profile are indeterminate.  A natural solution concept is ex post pe
 rfect equilibrium (XPE): strategies must form a subgame-perfect equilibriu
 m for any realization of the sequence of stage games.  When (i) there is o
 ne long-run player and others are short-run\, and (ii) public randomizatio
 n is available\, we can adapt the standard recursive approach to determine
  the maximum sustainable gap between reward and punishment.  This leads to
  an explicit characterization of what outcomes are supportable in equilibr
 ium\, and an optimal penal code that supports them.  Any non-XPE-supportab
 le outcome fails to be an SPE outcome for some (possibly ambiguous) specif
 ication of the stage games.  Unlike in standard repeated games\, restricti
 ons (i) and (ii) are crucial. \nSpeakers:\nGabriel Carroll (University of 
 Toronto)
LOCATION:Manor Road Building (Seminar Room A or Join online https://zoom.u
 s/j/91802954429?pwd=ZzNyeEcvL3JjN2NPVWZHVG9hcmR1UT09)\, Manor Road OX1 3UQ
TZID:Europe/London
URL:https://talks.ox.ac.uk/talks/id/b7ba2a68-65be-4404-92a5-27437e1c7136/
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DESCRIPTION:Talk:Gabriel Carroll: Dynamic Incentives in Incompletely Speci
 fied Environments  - Gabriel Carroll (University of Toronto)
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