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Recursive structure and equilibria in games with private monitoring

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  • Massimiliano Amarante

    ()
    (University of California, Los Angeles - Department of Economics)

Abstract

In each stage of a repeated game with private monitoring, the players receive payoffs and privately observe signals which depend on the players' actions and the state of world. I show that, contrary to a widely held belief, such games admit a recursive structure. More precisely, I construct a representation of the original sequential problem as a sequence of static games with incomplete information. This establishes the ground for a characterization of strategies and, hence, of behavior in interactivedecision settings where private information is present. Finally, the representation is used to give a recursive characterization of the equilibrium payoff set, by means of a multi-player generalization of dynamic programming.

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Bibliographic Info

Paper provided by Columbia University, Department of Economics in its series Discussion Papers with number 0102-48.

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Length: 26 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:clu:wpaper:0102-48

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Cited by:
  1. George J. Mailath & Stephen Morris, 2000. "Repeated Games with Almost-Public Monitoring," Econometric Society World Congress 2000 Contributed Papers 0661, Econometric Society.
  2. William Fuchs, 2005. "Contracting with Repeated Moral Hazard and Private Evaluations," Discussion Papers 04-012, Stanford Institute for Economic Policy Research.
  3. Tomala, Tristan, 2009. "Perfect communication equilibria in repeated games with imperfect monitoring," Games and Economic Behavior, Elsevier, vol. 67(2), pages 682-694, November.

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