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Abstract

We study the impact of unobservable stochastic replacements for the long-run player in the classical reputation model with a long-run player and a series of short-run players. We provide explicit lower bounds on the Nash equilibrium payoffs of a long-run player, both ex-ante and following any positive probability history. Under general conditions on the convergence rates of the discount factor to one and of the rate of replacement to zero, both bounds converge to the Stackelberg payoff if the type space is sufficiently rich. These limiting conditions hold in particular if the game is played very frequently.

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Bibliographic Info

Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1511.

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Date of creation: Apr 2010
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Handle: RePEc:nwu:cmsems:1511

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Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014
Phone: 847/491-3527
Fax: 847/491-2530
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Web page: http://www.kellogg.northwestern.edu/research/math/
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Related research

Keywords: Reputation; repeated games; replacements; disappearing reputations JEL Classification Numbers: D80; C73;

Other versions of this item:

Find related papers by JEL classification:

• D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
• C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
• C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

This paper has been announced in the following NEP Reports:

• NEP-ALL-2011-01-30 (All new papers)
• NEP-GTH-2011-01-30 (Game Theory)

References

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1. Wiseman, Thomas, 2008. "Reputation and impermanent types," Games and Economic Behavior, Elsevier, vol. 62(1), pages 190-210, January.
   
   • Thomas Wiseman, 2006. "Reputation and Impermanent Types," 2006 Meeting Papers 650, Society for Economic Dynamics.
2. Mehmet Ekmekci, 2010. "Sustainable Reputations with Rating Systems," Discussion Papers 1505, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
   
   • Ekmekci, Mehmet, 2011. "Sustainable reputations with rating systems," Journal of Economic Theory, Elsevier, vol. 146(2), pages 479-503, March.
3. Bernardita Vial, 2008. "Competitive Equilibrium and Reputation under Imperfect Public Monitoring," Documentos de Trabajo 327, Instituto de Economia. Pontificia Universidad Católica de Chile..
4. Wiseman, Thomas, 2009. "Reputation and exogenous private learning," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1352-1357, May.

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Cited by:

1. Daron Acemoglu & Alexander Wolitzky, 2012. "Cycles of Distrust: An Economic Model," NBER Working Papers 18257, National Bureau of Economic Research, Inc.
   
   • Daron Acemoglu & Alexander Wolitzky, 2012. "Cycles of Distrust: An Economic Model," Levine's Working Paper Archive 786969000000000502, David K. Levine.
2. Ju Hu, 2013. "Reputation in the Presence of Noisy Exogenous Learning," PIER Working Paper Archive 13-009, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

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