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Reputation and Equilibrium Selection in Games with a Patient Player

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  • Fudenberg, Drew
  • Levine, David K

Abstract

A single, long-run player plays a simultaneous-move stage game against a sequence of opponents who only play once, but observe all previous play. If there is a positive prior probability that the long-run player will always play the pure strategy he would most like to commit himself to (his Stackleberg strategy), then his payoff in any Nash equilibrium exceeds a bound that converges to the Stackleberg payoff as his discount factor approaches one. When the stage game is not simultaneous move, this result must be modified to account for the possibility that distinct strategies of the long-run player are observationally equivalent. Copyright 1989 by The Econometric Society.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 57 (1989)
Issue (Month): 4 (July)
Pages: 759-78

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Handle: RePEc:ecm:emetrp:v:57:y:1989:i:4:p:759-78

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  1. Levine, David & Kreps, David & Fudenberg, Drew, 1988. "On the Robustness of Equilibrium Refinements," Scholarly Articles 3350444, Harvard University Department of Economics.
  2. Paul Milgrom & John Roberts, 1980. "Predation, Reputation, and Entry Deterrence," Discussion Papers 427, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Fudenberg, Drew & Levine, David, 1983. "Subgame-perfect equilibria of finite- and infinite-horizon games," Journal of Economic Theory, Elsevier, vol. 31(2), pages 251-268, December.
  4. Maskin, Eric & Kreps, David & Fudenberg, Drew, 1990. "Repeated Games with Long-run and Short-run Players," Scholarly Articles 3226950, Harvard University Department of Economics.
  5. Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, vol. 85(3), pages 291-303, June.
  6. David Kreps & Paul Milgrom & John Roberts & Bob Wilson, 2010. "Rational Cooperation in the Finitely Repeated Prisoners' Dilemma," Levine's Working Paper Archive 239, David K. Levine.
  7. Kreps, David M. & Wilson, Robert, 1982. "Reputation and imperfect information," Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August.
  8. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
  9. Reinhard Selten, 1974. "The Chain Store Paradox," Working Papers 018, Bielefeld University, Center for Mathematical Economics.
  10. D. Fudenberg & D. M. Kreps, 1969. "Reputation and Simultaneous Opponents," Levine's Working Paper Archive 604, David K. Levine.
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