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Cooperation in Repeated Prisoner’s Dilemma with Outside Options FUJIWARA-GREVE, Takako YASUDA, Yosuke outside option repeated Prisoner’s Dilemma cooperation perturbation https://www.grips.ac.jp/list/jp/facultyinfo/yasuda_yosuke/ In many repeated interactions, repetition is not guaranteed but instead must be agreed upon. We formulate a model of voluntary repetition by introducing outside　options to a repeated Prisoner’s Dilemma and investigate how the structure of outside options affects the sustainability of mutual cooperation. When the outside　option is deterministic and greater than the value of mutual defection, the lower bound of the discount factors that sustain repeated cooperation is greater than the　one for ordinary repeated Prisoner’s Dilemma, making cooperation more difficult. However,stochastic outside options with the same mean may reduce the lower　bound of discount factors as compared to the deterministic case. This is possible when the stochasticity of the options increases the value of the cooperation phase　more than the value of the punishment phase. Necessary and sufficient conditions for this positive effect are given under various option structures. JEL Classification Codes: C73 経済学 / Economics GRIPS Policy Research Center 2009-07-01 eng technical report AM https://doi.org/10.24545/00001010 https://grips.repo.nii.ac.jp/records/1010 10.24545/00001010 https://ideas.repec.org/p/ngi/dpaper/09-10.html https://ideas.repec.org/p/ngi/dpaper/09-10.html GRIPS Discussion Papers DP09-10 https://grips.repo.nii.ac.jp/record/1010/files/DP09-10.pdf application/pdf 442.1 kB