Undiscounted sum of his lifetime payoffs

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Question

Player who is young seeks to maximize the undiscounted sum of his (two-period) lifetime payoffs. It turns out that some cooperation can be sustained in this world of finitely lived agents. Explain how (commenting briefly on why finitely was italicized), carefully specifying a subgame perfect Nash equilibrium in which each player's total lifetime payoffs equals two units. Recall that a strategy must specify behavior after all histories.

Reference no: EM133616591

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