Repeated games in continuous time as extensive form games

Carlos Alós-Ferrer, Johannes Kern

Research output: Contribution to journalArticlepeer-review


Extensive form games modeling continuous-time decisions are plagued with problems of nonexistence and nonuniqueness of outcomes. As a "second-best", the literature has imposed extraneous restrictions on the strategy sets, raising questions on the nature and interpretation of the resulting formal object, and on which restrictions are appropriate. We provide a "first-best" framework, formalizing continuous-time repeated games as extensive form games incorporating natural conditions from the onset. Every strategy profile induces a unique outcome, without any restrictions on the strategy sets. Further, the unrestricted strategy sets are equivalent to a specific class of strategies in a more naïvely specified continuous-time game.

Original languageEnglish (US)
Pages (from-to)34-57
Number of pages24
JournalJournal of Mathematical Economics
StatePublished - Dec 1 2015


  • Continuous time
  • Extensive forms
  • Repeated games

ASJC Scopus subject areas

  • Economics and Econometrics
  • Applied Mathematics


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