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Maintaining a Reputation Against A Long-Lived Opponent

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Author Info
Marco Celentani

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Abstract

We analyze in a game between a patient player 1 and a non-myopic but less patient opponent, player 2. We assume that Player 1's type is private information and that players do not directly observe each other's action but rather see an imperfect signal of it. We show that in any Nash equilibrium of the game player 1 will get almost the largest payoff consistent with player 2 choosing a best response in a finite truncation of the game. If the discount factor of player 2 is sufficiently large, then player 1 will get approximately the maximum payoff consistent with player 2 getting at least his pure strategy minmax payoff.

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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1075R.

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Date of creation: Dec 1993
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Handle: RePEc:nwu:cmsems:1075r

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Keywords: Repeated games commitment reputation patience.

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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. Fudenberg, Drew & Tirole, Jean, 1991. "Perfect Bayesian equilibrium and sequential equilibrium," Journal of Economic Theory, Elsevier, vol. 53(2), pages 236-260, April. [Downloadable!] (restricted)
  2. Kreps, David M. & Wilson, Robert, 1982. "Reputation and imperfect information," Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August. [Downloadable!] (restricted)
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  3. Marco Celentani & Wolfgang Pesendorfer, 1992. "Reputation in Dynamic Games," Discussion Papers 1009, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  4. Radner, Roy, 1981. "Monitoring Cooperative Agreements in a Repeated Principal-Agent Relationship," Econometrica, Econometric Society, vol. 49(5), pages 1127-48, September. [Downloadable!] (restricted)
  5. Milgrom, Paul & Roberts, John, 1982. "Predation, reputation, and entry deterrence," Journal of Economic Theory, Elsevier, vol. 27(2), pages 280-312, August. [Downloadable!] (restricted)
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  6. Schmidt, Klaus M, 1993. "Reputation and Equilibrium Characterization in Repeated Games with Conflicting Interests," Econometrica, Econometric Society, vol. 61(2), pages 325-51, March. [Downloadable!] (restricted)
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  7. Marco Celentani, 1996. "Reputation with observed actions (*)," Economic Theory, Springer, vol. 7(3), pages 407-419.
  8. Cripps, Martin W. & Schmidt, Klaus M. & Thomas, Jonathan P., 1996. "Reputation in Perturbed Repeated Games," Journal of Economic Theory, Elsevier, vol. 69(2), pages 387-410, May. [Downloadable!] (restricted)
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  1. Jeffrey Ely & Drew Fudenberg & David K Levine, 2005. "When is Reputation Bad," Levine's Working Paper Archive 618897000000000016, UCLA Department of Economics. [Downloadable!]
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