Reputation in Perturbed Repeated Games
AbstractThe paper analyzes reputation effects in perturbed repeated games with discounting. If there is some positive prior probability that one of the players is committed to play the same (pure) action in every period, then this provides a lower bound for her equilibrium playoff in all Nash equilibria. This bound is tight and independent of what other types have positive probability. It is generally lower than Fudenberg and Levineâs bound for games with a long-run player facing a sequence of short-run opponents. The bound cannot be improved by considering types playing finitely complicated history-dependent commitment strategies. Journal of Economic Literature Classification Numbers: C73, D83, L14.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 69 (1996)
Issue (Month): 2 (May)
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Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- Cripps,Martin & Scmidt,Klaus & Thomas,Jonathan, 1993. "Reputation in pertubed repeated games," Discussion Paper Serie A 410, University of Bonn, Germany.
- Cripps, Martin W. & Schmidt, Klaus M. & Thomas, Jonathan P., 1996. "Reputation in perturbed repeated games," Munich Reprints in Economics 20052, University of Munich, Department of Economics.
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
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