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The strategic value of recall

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  • Peretz, Ron
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    Abstract

    This work studies the value of two-person zero-sum repeated games in which at least one of the players is restricted to (mixtures of) bounded recall strategies. A (pure) k-recall strategy is a strategy that relies only on the last k periods of history. This work improves previous results (Lehrer, 1988; Neyman and Okada, 2009) on repeated games with bounded recall. We provide an explicit formula for the asymptotic value of the repeated game as a function of the one-stage game, the duration of the repeated game, and the recall of the agents.

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    Bibliographic Info

    Article provided by Elsevier in its journal Games and Economic Behavior.

    Volume (Year): 74 (2012)
    Issue (Month): 1 ()
    Pages: 332-351

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    Handle: RePEc:eee:gamebe:v:74:y:2012:i:1:p:332-351

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    Web page: http://www.elsevier.com/locate/inca/622836

    Related research

    Keywords: Bounded recall; Bounded memory; Bounded rationality; Repeated games; Entropy; de Bruijn sequences;

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    References

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    1. Scarsini, Marco & Renault, Jérôme & Tomala, Tristan, 2008. "Playing off-line games with bounded rationality," Economics Papers from University Paris Dauphine 123456789/6127, Paris Dauphine University.
    2. Abraham Neyman & Daijiro Okada, 2005. "Growth of Strategy Sets, Entropy, and Nonstationary Bounded Recall," Levine's Bibliography 122247000000000920, UCLA Department of Economics.
    3. Lehrer, Ehud, 1988. "Repeated games with stationary bounded recall strategies," Journal of Economic Theory, Elsevier, vol. 46(1), pages 130-144, October.
    4. Gilad Bavly & Abraham Neyman, 2003. "Online Concealed Correlation by Boundedly Rational Players," Discussion Paper Series dp336, The Center for the Study of Rationality, Hebrew University, Jerusalem.
    5. Abraham Neyman, 2008. "Learning Effectiveness and Memory Size," Discussion Paper Series dp476, The Center for the Study of Rationality, Hebrew University, Jerusalem.
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    Cited by:
    1. Ron Peretz, 2013. "Correlation through bounded recall strategies," International Journal of Game Theory, Springer, vol. 42(4), pages 867-890, November.

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