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A Simple Exposition of Belief-Free Equilibria in Repeated Games

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  • Wojciech Olszewski

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    (Northwestern University)

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    Abstract

    Recently, there has been made a substantial progress in the analysis of repeated games with private monitoring. This progress began with introducing a new class of sequential equilibrium strategies, called belief-free equilibria, that can be analyzed using recursive techniques. The purpose of this paper is to explain the general method of constructing belief-free equilibria, and the limit (or bound) on the set of payoff vectors that can be achieved in these strategies in a way that should be easily accessible, even for those who do not pretend to be experts in repeated games.

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    File URL: http://www.accessecon.com/pubs/EB/2007/Volume3/EB-07C70038A.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 3 (2007)
    Issue (Month): 58 ()
    Pages: 1-16

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    Handle: RePEc:ebl:ecbull:eb-07c70038

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    1. Takahashi, Satoru, 2010. "Community enforcement when players observe partners' past play," Journal of Economic Theory, Elsevier, vol. 145(1), pages 42-62, January.
    2. Michihiro Kandori & Ichiro Obara, 2003. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," UCLA Economics Working Papers 826, UCLA Department of Economics.
    3. Fudenberg, Drew & Levine, David I & Maskin, Eric, 1994. "The Folk Theorem with Imperfect Public Information," Econometrica, Econometric Society, vol. 62(5), pages 997-1039, September.
    4. Hitoshi Matsushima, 2003. "Repeated Games with Private Monitoring: Two Players," CIRJE F-Series CIRJE-F-242, CIRJE, Faculty of Economics, University of Tokyo.
    5. Mailath, George J. & Samuelson, Larry, 2006. "Repeated Games and Reputations: Long-Run Relationships," OUP Catalogue, Oxford University Press, number 9780195300796.
    6. Michihiro Kandori, 2001. "Introduction to Repeated Games with Private Monitoring," CIRJE F-Series CIRJE-F-114, CIRJE, Faculty of Economics, University of Tokyo.
    7. Johannes Hörner & Wojciech Olszewski, 2006. "The Folk Theorem for Games with Private Almost-Perfect Monitoring," Econometrica, Econometric Society, vol. 74(6), pages 1499-1544, November.
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    Cited by:
    1. Yuichi Yamamoto, 2013. "Individual Learning and Cooperation in Noisy Repeated Games," PIER Working Paper Archive 13-038, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

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