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Private Strategies in Finitely Repeated Games with Imperfect Public Monitoring

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Author Info
George Mailath (University of Pennsylvania)
Steven Matthews (University of Pennsylvania)
Tadashi Sekiguchi (Kobe University)

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Abstract

We present three examples of finitely repeated games with public monitoring that have sequential equilibria in private strategies, i.e., strategies that depend on own past actions as well as public signals. Such private sequential equilibria can have features quite unlike those of the more familiar perfect public equilibria: (i) making a public signal less informative can create Pareto superior equilibrium outcomes; (ii) the equilibrium final-period action profile need not be a stage game equilibrium; and (iii) even if the stage game has a unique correlated (and hence Nash) equilibrium, the first-period action profile need not be a stage game equilibrium.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Contributions to Theoretical Economics.

Volume (Year): 2 (2002)
Issue (Month): 1 ()
Pages: 1046-1046
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Handle: RePEc:bep:thecon:v:2:y:2002:i:1:p:1046-1046

Note: oai:bepress:bejte-1046
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Related research
Keywords: Private strategies repeated games public perfect equilibria

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June. [Downloadable!] (restricted)
  2. Lehrer, E, 1990. "Nash Equilibria of n-Player Repeated Games with Semi-standard Information," International Journal of Game Theory, Springer, vol. 19(2), pages 191-217.
  3. Ehud Lehrer & Sylvain Sorin, 1994. "One-Shot Public Mediated Talk," Discussion Papers 1108, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  4. Marx, Leslie M & Matthews, Steven A, 2000. "Dynamic Voluntary Contribution to a Public Project," Review of Economic Studies, Blackwell Publishing, vol. 67(2), pages 327-58, April.
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  5. Tomala, Tristan, 1999. "Nash Equilibria of Repeated Games with Observable Payoff Vectors," Games and Economic Behavior, Elsevier, vol. 28(2), pages 310-324, August. [Downloadable!] (restricted)
  6. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 394, UCLA Department of Economics. [Downloadable!]
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  7. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July. [Downloadable!] (restricted)
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  8. Michihiro Kandori & Ichiro Obara, 2006. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," Econometrica, Econometric Society, vol. 74(2), pages 499-519, 03. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Massimiliano Amarante, 2003. "Equivalence of public mixed-strategies and private behavior-strategies in games with public monitoring," Discussion Papers 0203-22, Columbia University, Department of Economics. [Downloadable!]
  2. Ichiro Obara, 2008. "The Full Surplus Extraction Theorem with Hidden Actions," Advances in Theoretical Economics, Berkeley Electronic Press, vol. 8(1), pages 1399-1399. [Downloadable!] (restricted)
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  3. Massimiliano Amarante, 2002. "Equivalence of public mixed-strategies and private behavior strategies in games with public monitoring," Discussion Papers 0102-49, Columbia University, Department of Economics. [Downloadable!]
  4. Jens Großer & Arthur Schram, 2007. "Public Opinion Polls, Voter Turnout, and Welfare: An Experimental Study," Labsi Experimental Economics Laboratory University of Siena 014, University of Siena. [Downloadable!]
  5. Jeffery Ely & Johannes Horner & Wojciech Olszewski, 2003. "Strategic Commitment Versus Flexibility in a Duopoloy with Entry and Exit," Discussion Papers 1381, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  6. Ichiro Obara, 2004. "Efficiency in Repeated Games Revisited: The Role of Private Strategies (with M. Kandori)," UCLA Economics Online Papers 281, UCLA Department of Economics. [Downloadable!]
  7. Michihiro Kandori & Ichiro Obara, 2004. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," Levine's Bibliography 122247000000000055, UCLA Department of Economics. [Downloadable!]
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