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Coordination Failure in Repeated Games with Almost-Public Monitoring

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Author Info
George J. Mailath (Dept. Economics, University of Pennsylvania)
Stephen Morris (Cowles Foundation, Yale University)

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Abstract

Some private-monitoring games, that is, games with no public histories, can have histories that are almost public. These games are the natural result of perturbing public-monitoring games towards private monitoring. We explore the extent to which it is possible to coordinate continuation play in such games. It is always possible to coordinate continuation play by requiring behavior to have bounded recall (i.e., there is a bound L such that in any period, the last L signals are sufficient to determine behavior). We show that, in games with general almost-public private monitoring, this is essentially the only behavior that can coordinate continuation play.

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File URL: http://cowles.econ.yale.edu/P/cd/d14b/d1479.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1479.

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Length: 37 pages
Date of creation: Sep 2004
Date of revision:
Publication status: Published in Theoretical Economics (2006), 1: 311-340
Handle: RePEc:cwl:cwldpp:1479

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Repeated games Private monitoring Almost-public monitoring Coordination Bounded recall

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. V. Bhaskar & George J. Mailath & Stephen Morris, 2004. "Purification in the Infinitely Repeated Prisoners' Dilemma," Levine's Bibliography 122247000000000028, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. 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. [Downloadable!] (restricted)
    Other versions:
  3. Cole, Harold L. & Kocherlakota, Narayana R., 2005. "Finite memory and imperfect monitoring," Games and Economic Behavior, Elsevier, vol. 53(1), pages 59-72, October. [Downloadable!] (restricted)
    Other versions:
  4. Richard McLean & Andrew Postlewaite, 2002. "Informational Size and Efficient Auctions," PIER Working Paper Archive 03-011, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 13 Apr 2003. [Downloadable!]
    Other versions:
  5. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, vol. 66(3), pages 627-652, May.
  6. Bhaskar, V, 1998. "Informational Constraints and the Overlapping Generations Model: Folk and Anti-Folk Theorems," Review of Economic Studies, Blackwell Publishing, vol. 65(1), pages 135-49, January. [Downloadable!] (restricted)
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  7. Olivier Compte, 1998. "Communication in Repeated Games with Imperfect Private Monitoring," Econometrica, Econometric Society, vol. 66(3), pages 597-626, May.
  8. Jeffrey C. Ely & Johannes Hörner & Wojciech Olszewski, 2005. "Belief-Free Equilibria in Repeated Games," Econometrica, Econometric Society, vol. 73(2), pages 377-415, 03. [Downloadable!] (restricted)
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  9. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 394, UCLA Department of Economics. [Downloadable!]
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  10. Glenn Ellison, 1994. "Theories of Cartel Stability and the Joint Executive Committee," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 37-57, Spring. [Downloadable!] (restricted)
  11. George Mailath & Stephen Morris, . ""Repeated Games with Almost-Public Monitoring''," CARESS Working Papres 99-09, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
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  12. Bhaskar, V. & van Damme, Eric, 2002. "Moral Hazard and Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 16-39, January. [Downloadable!] (restricted)
    Other versions:
  13. Rich McLean & Ichiro Obara & Andrew Postlewaite, 2005. "Informational Smallness and Private Monitoring in Repeated Games," Levine's Bibliography 784828000000000261, UCLA Department of Economics. [Downloadable!]
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  14. Johannes Horner & Wojciech Olszewski, 2005. "The Folk Theorem for Games with Private, Almost-Perfect Monitoring," NajEcon Working Paper Reviews 172782000000000006, www.najecon.org. [Downloadable!]
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  15. Drew Fudenberg & David K Levine, 2004. "The Nash Threats Folk Theorem With Communication and Approximate Common Knowledge in Two Player Games," Levine's Working Paper Archive 618897000000000030, UCLA Department of Economics. [Downloadable!]
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  16. 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. [Downloadable!] (restricted)
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  17. Monderer, Dov & Samet, Dov, 1989. "Approximating common knowledge with common beliefs," Games and Economic Behavior, Elsevier, vol. 1(2), pages 170-190, June. [Downloadable!] (restricted)
  18. Hitoshi Matsushima, 2004. "Repeated Games with Private Monitoring: Two Players," Econometrica, Econometric Society, vol. 72(3), pages 823-852, 05. [Downloadable!] (restricted)
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  19. Sekiguchi, Tadashi, 1997. "Efficiency in Repeated Prisoner's Dilemma with Private Monitoring," Journal of Economic Theory, Elsevier, vol. 76(2), pages 345-361, October. [Downloadable!] (restricted)
  20. Piccione, Michele, 2002. "The Repeated Prisoner's Dilemma with Imperfect Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 70-83, January. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rich McLean & Ichiro Obara & Andrew Postlewaite, 2005. "Informational Smallness and Private Monitoring in Repeated Games," Levine's Bibliography 784828000000000261, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. Ichiro Obara, 2005. "Informational Smallness and Private Monitoring in Repeated Games (with R. McLean and A. Postlewaite)," UCLA Economics Online Papers 365, UCLA Department of Economics. [Downloadable!]
  3. Christopher Phelan & Andrzej Skrzypacz, 2006. "Private monitoring with infinite histories," Staff Report 383, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  4. Ichiro Obara, 2005. "Folk Theorem with Communication," UCLA Economics Online Papers 366, UCLA Department of Economics. [Downloadable!]
    Other versions:
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