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Reputation and Equilibrium Characterization in Repeated Games with Conflicting Interests

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Author Info
Schmidt, Klaus M

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Abstract

A two-person game is of conflicting interests if the strategy to which player one would most like to commit herself holds player two down to his minimax payoff. Suppose there is a positive prior probability that player one is a "commitme nt type" who will always play this strategy. Then player one will get a t least her commitment payoff in any Nash equilibrium of the repeated game if her discount factor approaches one. This result is robust against further perturbations of the informational structure and in striking contrast to the message of the Folk theorem for games with incomplete information. Copyright 1993 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 61 (1993)
Issue (Month): 2 (March)
Pages: 325-51
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Handle: RePEc:ecm:emetrp:v:61:y:1993:i:2:p:325-51

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  1. Marco Celentani, 1993. "Maintaining a Reputation Against A Long-Lived Opponent," Discussion Papers 1075R, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  2. Gary E. Bolton & Axel Ockenfels, 2005. "The Influence of Information Externalities on the Value of Reputation Building - An Experiment," Working Paper Series in Economics 17, University of Cologne, Department of Economics. [Downloadable!]
  3. Burton, Peter & Curtis, Lori & Phipps , Shelley, 2005. "All in the Family: A Simultaneous Model of Parenting Style and Child Conduct," Analytical Studies Branch Research Paper Series 2005261e, Statistics Canada, Analytical Studies Branch. [Downloadable!]
    Other versions:
  4. Gary E Bolton & Axel Ockenfels, 2007. "Information Value and Externalities in Reputation Building - An Experimental Study," Working Paper Series in Economics 35, University of Cologne, Department of Economics, revised 01 Aug 2008. [Downloadable!]
  5. Jimmy Chan, 2000. "On the Non-Existence of Reputation Effects in Two-Person Infinitely-Repeated Games," Economics Working Paper Archive 441, The Johns Hopkins University,Department of Economics.
  6. Rainer Nitsche, 2000. "Incentives to Grow: Multimarket Firms and Predation," CIG Working Papers FS IV 00-19, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
  7. Matulich, Scott C. & Sever, Murat & Inaba, Fred, 2001. "Fishery Cooperatives As An Alternative To Itqs: Implications Of The American Fisheries Act," Marine Resource Economics, Marine Resources Foundation, vol. 16(1). [Downloadable!]
  8. Marco Celentani & Drew Fudenberg & David K. Levine & Wolfgang Pesendorfer, 1996. "Maintaining a Reputation against a Patient Opponent," Levine's Working Paper Archive 2015, David K. Levine. [Downloadable!]
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