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Belief-Free Equilibria in Repeated Games

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Author Info
Jeffrey C. Ely
Johannes Hörner
Wojciech Olszewski

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Abstract

We introduce a class of strategies that generalizes examples constructed in two-player games under imperfect private monitoring. A sequential equilibrium is belief-free if, after every private history, each player's continuation strategy is optimal independently of his belief about his opponents' private histories. We provide a simple and sharp characterization of equilibrium payoffs using those strategies. While such strategies support a large set of payoffs, they are not rich enough to generate a folk theorem in most games besides the prisoner's dilemma, even when noise vanishes. Copyright The Econometric Society 2005.

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File URL: http://hdl.handle.net/10.1111/j.1468-0262.2005.00583.x
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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 73 (2005)
Issue (Month): 2 (03)
Pages: 377-415
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Handle: RePEc:ecm:emetrp:v:73:y:2005:i:2:p:377-415

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  1. V. Bhaskar & George J. Mailath & Stephen Morris, 2008. "Purification in the Infinitely-Repeated Prisoners' Dilemma," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(3), pages 515-528, July. [Downloadable!] (restricted)
    Other versions:
  2. Josh Cherry & Lones Smith, 2009. "Unattainable Payoffs for Repeated Games of Private Monitoring," Levine's Working Paper Archive 814577000000000284, David K. Levine. [Downloadable!]
  3. LOVO, Stefano & HÖRNER, Johanes, 2006. "Belief-free Equilibria in games with incomplete information," Les Cahiers de Recherche 845, HEC Paris. [Downloadable!]
  4. Christopher Phelan & Andrzej Skrzypacz, 2006. "Private monitoring with infinite histories," Staff Report 383, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  5. Joyee Deb, 2008. "Cooperation and Community Responsibility: A Folk Theorem for Repeated Matching Games with Names," Working Papers 08-24, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
  6. Wojciech Olszewski, 2007. "A Simple Exposition of Belief-Free Equilibria in Repeated Games," Economics Bulletin, Economics Bulletin, vol. 3(58), pages 1-16. [Downloadable!]
  7. George J. Mailath & Stephen Morris, 2004. "Coordination Failure in Repeated Games with Almost-Public Monitoring," PIER Working Paper Archive 05-014, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 23 Mar 2005. [Downloadable!]
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  8. Ichiro Obara, . "Endogenous Monitoring," UCLA Economics Online Papers 398, UCLA Department of Economics. [Downloadable!]
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  9. Michihiro Kandori, 2007. "Weakly Belief-Free Equilibria in Repeated Games with Private Monitoring," CIRJE F-Series CIRJE-F-491, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  10. Eiichi Miyagawa & Yasuyuki Miyahara & Tadashi Sekiguchi, 2004. "The folk theorem for repeated games with observation costs," Discussion Papers 0405-12, Columbia University, Department of Economics. [Downloadable!]
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  11. Stefano, LOVO, 2007. "Belief-free equilibria in games with incomplete information," Les Cahiers de Recherche 884, HEC Paris. [Downloadable!]
  12. V. Bhaskar & George J. Mailath & Stephen Morris, 2006. "Purification in the Infinitely-Repeated Prisoners’ Dilemma, Second Version," PIER Working Paper Archive 07-024, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 20 Aug 2007. [Downloadable!]
    Other versions:
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