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Less is more: An Observability Paradox in Repeated Games

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  • Michihiro Kandori
  • Ichiro Obara

Abstract

We present a repeated prisoners' dilemma game with imperfect public monitoring, which exhibits the following paradoxical feature: the equilibrium payoff set expands and asymptotically achieves full efficiency as the public signal becomes less sensitive to the hiden actions of the players.

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Bibliographic Info

Paper provided by UCLA Department of Economics in its series Levine's Bibliography with number 321307000000000342.

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Date of creation: 02 Sep 2006
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Handle: RePEc:cla:levrem:321307000000000342

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References

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  1. Levine, David & Fudenberg, Drew, 1994. "Efficiency and Observability with Long-Run and Short-Run Players," Scholarly Articles 3203774, Harvard University Department of Economics.
  2. Michihiro Kandori & Ichiro Obara, 2003. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," UCLA Economics Working Papers 826, UCLA Department of Economics.
  3. Sekiguchi, Tadashi, 1997. "Efficiency in Repeated Prisoner's Dilemma with Private Monitoring," Journal of Economic Theory, Elsevier, vol. 76(2), pages 345-361, October.
  4. Bhaskar, V. & Obara, Ichiro, 2002. "Belief-Based Equilibria in the Repeated Prisoners' Dilemma with Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 40-69, January.
  5. Piccione, Michele, 2002. "The Repeated Prisoner's Dilemma with Imperfect Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 70-83, January.
  6. Lehrer, Ehud, 1991. "Internal Correlation in Repeated Games," International Journal of Game Theory, Springer, Springer, vol. 19(4), pages 431-56.
  7. Fudenberg, D. & Levine, D.K. & Maskin, E., 1989. "The Folk Theorem With Inperfect Public Information," Working papers 523, Massachusetts Institute of Technology (MIT), Department of Economics.
  8. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, Econometric Society, vol. 66(3), pages 627-652, May.
  9. Ely, Jeffrey C. & Valimaki, Juuso, 2002. "A Robust Folk Theorem for the Prisoner's Dilemma," Journal of Economic Theory, Elsevier, vol. 102(1), pages 84-105, January.
  10. Kandori, Michihiro, 1992. "The Use of Information in Repeated Games with Imperfect Monitoring," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 59(3), pages 581-93, July.
  11. Lehrer, Ehud, 1992. "On the Equilibrium Payoffs Set of Two Player Repeated Games with Imperfect Monitoring," International Journal of Game Theory, Springer, Springer, vol. 20(3), pages 211-26.
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Citations

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Cited by:
  1. Michihiro Kandori & Ichiro Obara, 2006. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," Econometrica, Econometric Society, Econometric Society, vol. 74(2), pages 499-519, 03.
  2. Kamada, Yuichiro & Kominers, Scott Duke, 2010. "Information can wreck cooperation: A counterpoint to Kandori (1992)," Economics Letters, Elsevier, vol. 107(2), pages 112-114, May.
  3. Ekmekci, Mehmet, 2011. "Sustainable reputations with rating systems," Journal of Economic Theory, Elsevier, vol. 146(2), pages 479-503, March.
  4. Alp E. Atakan & Mehmet Ekmekci, 2012. "Reputation in Long-Run Relationships," Review of Economic Studies, Oxford University Press, vol. 79(2), pages 451-480.

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