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Disappearing Private Reputations in Long-Run Relationships

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  • Martin Cripps
  • George J. Mailath
  • Larry Samuelson

Abstract

For games of public reputation with uncertainty over types and imperfect public monitoring, Cripps, Mailath, and Samuelson (2004) showed that an informed player facing short-lived uninformed opponents cannot maintain a permanent reputation for playing a strategy that is not part of an equilibrium of the game without uncertainty over types. This paper extends that result to games in which the uninformed player is long-lived and has private beliefs, so that the informed player’s reputation is private. We also show that the rate at which reputations disappear is uniform across equilibria and that reputations disappear in sufficiently long discounted finitely-repeated games.

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Paper provided by UCLA Department of Economics in its series Levine's Bibliography with number 122247000000000086.

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Date of creation: 09 Mar 2004
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Handle: RePEc:cla:levrem:122247000000000086

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References

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  1. Fudenberg, D., 1991. "Maintaining a Reputation when Strategies are Imperfectly Observed," Working papers 589, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. George J. Mailath & Larry Samuelson, . ""Who Wants a Good Reputation?''," CARESS Working Papres 98-12, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
  3. Drew Fudenberg & David K. Levine, 1995. "Reputation and Equilibrium Selection in Games with a Patient Player," Levine's Working Paper Archive 103, David K. Levine.
  4. 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.
  5. Christopher Phelan, 2001. "Public trust and government betrayal," Staff Report 283, Federal Reserve Bank of Minneapolis.
  6. HART, Sergiu, . "Nonzerosum two-person repeated games with incomplete information," CORE Discussion Papers RP -636, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Kalai, Ehud & Lehrer, Ehud, 1995. "Subjective games and equilibria," Games and Economic Behavior, Elsevier, vol. 8(1), pages 123-163.
  8. Martin W. Cripps & George J. Mailath & Larry Samuelson, 2004. "Imperfect Monitoring and Impermanent Reputations," Econometrica, Econometric Society, vol. 72(2), pages 407-432, 03.
  9. Levine, David & Fudenberg, Drew, 1994. "Efficiency and Observability with Long-Run and Short-Run Players," Scholarly Articles 3203774, Harvard University Department of Economics.
  10. Harold L. Cole & James Dow & William B. English, 1994. "Default, settlement, and signalling: lending resumption in a reputational model of sovereign debt," Staff Report 180, Federal Reserve Bank of Minneapolis.
  11. Holmstrom, Bengt, 1999. "Managerial Incentive Problems: A Dynamic Perspective," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 169-82, January.
  12. Kalai, Ehud & Lehrer, Ehud, 1993. "Subjective Games and Equilibria," Working Papers 875, California Institute of Technology, Division of the Humanities and Social Sciences.
  13. Mailath, George J & Samuelson, Larry, 2001. "Who Wants a Good Reputation? Erratum," Review of Economic Studies, Wiley Blackwell, vol. 68(3), pages 714, July.
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Cited by:
  1. Wiseman, Thomas, 2008. "Reputation and impermanent types," Games and Economic Behavior, Elsevier, vol. 62(1), pages 190-210, January.
  2. Kiridaran Kanagaretnam & Stuart Mestelman & S.M.Khalid Nainar & Mohamed Shehata, 2009. "Trust and Reciprocity with Transparency and Repeated Interactions," Department of Economics Working Papers 2009-03, McMaster University.
  3. Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2006. "Common Learning," Levine's Bibliography 321307000000000355, UCLA Department of Economics.
    • Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2008. "Common Learning," Econometrica, Econometric Society, vol. 76(4), pages 909-933, 07.
  4. Philippe Jehiel & Larry Samuelson, 2012. "Reputation with Analogical Reasoning," The Quarterly Journal of Economics, Oxford University Press, vol. 127(4), pages 1927-1969.
  5. Miriam Schütte & Philipp Christoph Wichardt, 2013. "Delegation and Interim Performance Evaluation," CESifo Working Paper Series 4193, CESifo Group Munich.
  6. Rosenberg, Dinah & Solan, Eilon & Vieille, Nicolas, 2009. "Informational externalities and emergence of consensus," Games and Economic Behavior, Elsevier, vol. 66(2), pages 979-994, July.
  7. Ekmekci, Mehmet & Gossner, Olivier & Wilson, Andrea, 2012. "Impermanent types and permanent reputations," Journal of Economic Theory, Elsevier, vol. 147(1), pages 162-178.
  8. Christopher Phelan & Andrzej Skrzypacz, 2006. "Private monitoring with infinite histories," Staff Report 383, Federal Reserve Bank of Minneapolis.
  9. Guillermo Ordonez, 2008. "Essays on Learning and Macroeconomics," Levine's Working Paper Archive 122247000000002250, David K. Levine.
  10. Guillermo Ordonez, 2005. "Don't Ask Why Things Went Wrong: Nested Reputation and Scapegoating Inefficiency," Levine's Working Paper Archive 618897000000000988, David K. Levine.

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