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Repeated Games with Almost-Public Monitoring

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  • George J Mailath
  • Stephen Morris

Abstract

In repeated games with imperfect public monitoring, players can use public signals to coordinate their behavior perfectly, and thus support cooperative outcomes with the threat of punishments. But with even a small amount of private monitoring, players' private histories may lead them to have sufficiently different views of the world that such coordination on punishments is no longer possible. Even though grim trigger is a public perfect equilibrium (PPE) in games with public monitoring, it often fails to be an equilibrium in arbitrarily close games with private monitoring. If a PPE has players' behavior conditioned only on finite histories, then it induces an equilibrium in all close-by games with private monitoring. This implies a folk theorem for repeated games with almost-public almost-perfect monitoring.

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Paper provided by www.najecon.org in its series NajEcon Working Paper Reviews with number 625018000000000257.

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Date of creation: 04 Oct 2001
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Handle: RePEc:cla:najeco:625018000000000257

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  1. Matsushima, Hitoshi, 1991. "On the theory of repeated games with private information : Part I: anti-folk theorem without communication," Economics Letters, Elsevier, vol. 35(3), pages 253-256, March.
  2. Bhaskar, V. & van Damme, Eric, 2002. "Moral Hazard and Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 16-39, January.
  3. Michihiro Kandori & Ichiro Obara, 2003. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," UCLA Economics Working Papers 826, UCLA Department of Economics.
  4. Green, Edward J & Porter, Robert H, 1984. "Noncooperative Collusion under Imperfect Price Information," Econometrica, Econometric Society, vol. 52(1), pages 87-100, January.
  5. George J. Mailath & Steven A. Matthews & Tadashi Sekiguchi, 2001. "Private Strategies in Finitely Repeated Games with Imperfect Public Monitoring," Penn CARESS Working Papers e7304519c6d1562163dbaf181, Penn Economics Department.
  6. Olivier Compte, 1998. "Communication in Repeated Games with Imperfect Private Monitoring," Econometrica, Econometric Society, vol. 66(3), pages 597-626, May.
  7. Massimiliano Amarante, 2002. "Recursive structure and equilibria in games with private monitoring," Discussion Papers 0102-48, Columbia University, Department of Economics.
  8. Compte, Olivier, 2002. "On Failing to Cooperate When Monitoring Is Private," Journal of Economic Theory, Elsevier, vol. 102(1), pages 151-188, January.
  9. V. Bhaskar & Ichiro Obara, 2000. "Belief-Based Equilibria in the Repeated Prisoners' Dilemma with Private Monitoring," Econometric Society World Congress 2000 Contributed Papers 1330, Econometric Society.
  10. Lehrer, Ehud, 1992. "On the Equilibrium Payoffs Set of Two Player Repeated Games with Imperfect Monitoring," International Journal of Game Theory, Springer, vol. 20(3), pages 211-26.
  11. Martin J Osborne & Ariel Rubinstein, 2009. "A Course in Game Theory," Levine's Bibliography 814577000000000225, UCLA Department of Economics.
  12. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, vol. 66(3), pages 627-652, May.
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