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Randomization, Communication and Efficiency in Repeated Games with Imperfect Public Monitoring

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  • Michihiro Kandori

    (Faculty of Economics, University of Tokyo)

Abstract

The present paper shows that the Folk Theorem under imperfect (public) information (Fudenberg, Levine and Maskin (1994)) can be obtained under much weaker set of assumptions, if we allow communication among players. Our results in particular show that for generic symmetric games with at least four players, we can drop the FLM condition on the number of actions and signals altogether and prove the folk theorem under the same condition as in the perfect monitoring case.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2001/2001cf139.pdf
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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-139.

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Length: 15 pages
Date of creation: Nov 2001
Date of revision:
Handle: RePEc:tky:fseres:2001cf139

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References

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  1. Green, Edward J & Porter, Robert H, 1984. "Noncooperative Collusion under Imperfect Price Information," Econometrica, Econometric Society, vol. 52(1), pages 87-100, January.
  2. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 2058, David K. Levine.
  3. Drew Fudenberg & David K Levine, 1999. "Efficiency and Observability with Long-Run and Short-Run Players," Levine's Working Paper Archive 81, David K. Levine.
  4. d'ASPREMONT, Claude & GERARD-VARET, Louis-André, . "Linear inequality methods to enforce partnerships under uncertainty: an overview," CORE Discussion Papers RP -1354, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Ben-Porath, Elchanan & Kahneman, Michael, 1996. "Communication in Repeated Games with Private Monitoring," Journal of Economic Theory, Elsevier, vol. 70(2), pages 281-297, August.
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Cited by:
  1. Konishi, Hideki, 2005. "Intergovernmental versus intersource emissions trading when firms are noncompliant," Journal of Environmental Economics and Management, Elsevier, vol. 49(2), pages 235-261, March.
  2. Miyagawa, Eiichi & Miyahara, Yasuyuki & Sekiguchi, Tadashi, 2008. "The folk theorem for repeated games with observation costs," Journal of Economic Theory, Elsevier, vol. 139(1), pages 192-221, March.
  3. Li, Rui, 2010. "Sufficient communication in repeated games with imperfect private monitoring," Economics Letters, Elsevier, vol. 108(3), pages 322-326, September.
  4. Hajime Kobayashi & Katsunori Ohta & Tadashi Sekiguchi, 2008. "Optimal Sharing Rules in Repeated Partnerships," KIER Working Papers 650, Kyoto University, Institute of Economic Research.

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