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Disappearing Private Reputations in Long-Run Relationships

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  • Martin W. 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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Bibliographic Info

Paper provided by UCLA Department of Economics in its series Levine's Bibliography with number 321307000000000152.

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Date of creation: 21 Jun 2006
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Handle: RePEc:cla:levrem:321307000000000152

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References

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  1. Drew Fudenberg & David K Levine, 1999. "Efficiency and Observability with Long-Run and Short-Run Players," Levine's Working Paper Archive 81, David K. Levine.
  2. Martin W. Cripps & George J. Mailath & Larry Samuelson, 2002. "Imperfect Monitoring and Impermanent Reputations," PIER Working Paper Archive 03-016, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 30 May 2003.
  3. Marco Celentani, 1993. "Maintaining a Reputation Against A Long-Lived Opponent," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1075R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. D. Fudenberg & David K. Levine, 1989. "Reputation and Equilibrium Selection in Games with a Patient Player," Levine's Working Paper Archive 508, David K. Levine.
  5. Mailath, George J & Samuelson, Larry, 2001. "Who Wants a Good Reputation? Erratum," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 68(3), pages 714, July.
  6. Kalai, Ehud & Lehrer, Ehud, 1995. "Subjective games and equilibria," Games and Economic Behavior, Elsevier, Elsevier, vol. 8(1), pages 123-163.
  7. Harold L. Cole & James Dow & William B. English, 1994. "Default, settlement, and signalling: lending resumption in a reputational model of sovereign debt," Staff Report, Federal Reserve Bank of Minneapolis 180, Federal Reserve Bank of Minneapolis.
  8. D. Fudenberg & D. K. Levine, 1999. "Maintaining a Reputation when Strategies are Imperfectly Observed," Levine's Working Paper Archive 571, David K. Levine.
  9. Bengt Holmstrom, 1999. "Managerial Incentive Problems: A Dynamic Perspective," NBER Working Papers 6875, National Bureau of Economic Research, Inc.
  10. 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).
  11. Mailath,G.J. & Samuelson,L., 1998. "Who wants a good reputation?," Working papers, Wisconsin Madison - Social Systems 19, Wisconsin Madison - Social Systems.
  12. Christopher Phelan, 2001. "Public trust and government betrayal," Staff Report, Federal Reserve Bank of Minneapolis 283, Federal Reserve Bank of Minneapolis.
  13. Kalai, Ehud & Lehrer, Ehud, 1993. "Subjective Games and Equilibria," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 875, California Institute of Technology, Division of the Humanities and Social Sciences.
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Citations

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Cited by:
  1. Ekmekci, Mehmet & Gossner, Olivier & Wilson, Andrea, 2012. "Impermanent types and permanent reputations," Journal of Economic Theory, Elsevier, Elsevier, vol. 147(1), pages 162-178.
  2. Guillermo Ordonez, 2008. "Essays on Learning and Macroeconomics," Levine's Working Paper Archive 122247000000002250, David K. Levine.
  3. Guillermo Ordonez, 2005. "Don't Ask Why Things Went Wrong: Nested Reputation and Scapegoating Inefficiency," Levine's Working Paper Archive 618897000000000988, David K. Levine.
  4. Martin W. Cripps & Jeffrey C. Ely & George J. Mailath & Larry Samuelson, 2007. "Common Learning," PIER Working Paper Archive 07-018, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  5. 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.
  6. Philippe Jehiel & Larry Samuelson, 2012. "Reputation with Analogical Reasoning," The Quarterly Journal of Economics, Oxford University Press, vol. 127(4), pages 1927-1969.
  7. Wiseman, Thomas, 2008. "Reputation and impermanent types," Games and Economic Behavior, Elsevier, Elsevier, vol. 62(1), pages 190-210, January.
  8. Christopher Phelan & Andrzej Skrzypacz, 2007. "Private Monitoring with Infinite Histories," NajEcon Working Paper Reviews 843644000000000079, www.najecon.org.
  9. Miriam Schütte & Philipp Christoph Wichardt, 2013. "Delegation and Interim Performance Evaluation," CESifo Working Paper Series 4193, CESifo Group Munich.
  10. Rosenberg, Dinah & Solan, Eilon & Vieille, Nicolas, 2009. "Informational externalities and emergence of consensus," Games and Economic Behavior, Elsevier, Elsevier, vol. 66(2), pages 979-994, July.

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