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Some Asymptotic Results in Discounted Repeated Games of One-Sided Incomplete Information

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Author Info
Martin W. Cripps
Jonathan Thomas ()

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Abstract

The paper analyzes the Nash equilibria of two-person discounted repeated games with one-sided incomplete information and known own payo®s. If the informed player is arbitrarily patient relative to the uninformed player, then the characterization for the informed player's payoffs is essentially the same as that in the undiscounted case. This implies that even small amounts of incomplete information can lead to a discontinuous change in the equilibrium payoff set. For the case of equal discount factors, however, and under an assumption that strictly individually rational payoffs exist, a result akin to the Folk Theorem holds when a complete information game is perturbed by a small amount of incomplete information.

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Publisher Info
Paper provided by Edinburgh School of Economics, University of Edinburgh in its series ESE Discussion Papers with number 76.

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Length: 49
Date of creation: Mar 2004
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Handle: RePEc:edn:esedps:76

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Related research
Keywords: Reputation; Folk Theorem; repeated games; incomplete information.;

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  1. Drew Fudenberg & Eric Maskin, 1987. "On the Dispensability of Public Randomization in Discounted Repeated Games," Working papers 467, Massachusetts Institute of Technology (MIT), Department of Economics.
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  2. Sorin, Sylvain, 1999. "Merging, Reputation, and Repeated Games with Incomplete Information," Games and Economic Behavior, Elsevier, vol. 29(1-2), pages 274-308, October. [Downloadable!] (restricted)
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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. Stefano, LOVO, 2007. "Belief-free equilibria in games with incomplete information," Les Cahiers de Recherche 884, HEC Paris. [Downloadable!]
  2. LOVO, Stefano & HÖRNER, Johanes, 2006. "Belief-free Equilibria in games with incomplete information," Les Cahiers de Recherche 845, HEC Paris. [Downloadable!]
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