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Repeated Games with Private Monitoring: Two Players

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  • Hitoshi Matsushima

    (Faculty of Economics, University of Tokyo)

Abstract

We investigate two-player infinitely repeated games where the discount factor is less than but close to unity. Monitoring is private and players cannot communicate. We require no condition concerning the accuracy of players' monitoring technology. We show the folk theorem for the prisoners' dilemma with conditional independence. We also investigate more general games where players' private signals are correlated only through an unobservable macro shock. We show that efficiency is sustainable for generic private signal structures when the size of the set of private signals is sufficiently large. Finally, we show that cartel collusion is sustainable in price-setting duopoly.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2003/2003cf242.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-242.

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Length: 40 pages
Date of creation: Oct 2003
Date of revision:
Handle: RePEc:tky:fseres:2003cf242

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  1. George J Mailath & Stephen Morris, 2001. "Repeated Games with Almost-Public Monitoring," Levine's Working Paper Archive 625018000000000257, David K. Levine.
  2. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 394, David K. Levine.
  3. 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.
  4. Michihiro Kandori, 2001. "Introduction to Repeated Games with Private Monitoring," CIRJE F-Series CIRJE-F-114, CIRJE, Faculty of Economics, University of Tokyo.
  5. Green, Edward J. & Porter, Robert H., 1982. "Noncooperative Collusion Under Imperfect Price Information," Working Papers 367, California Institute of Technology, Division of the Humanities and Social Sciences.
  6. Jeffrey C. Ely & Juuso Valimaki, 1999. "A Robust Folk Theorem for the Prisoner's Dilemma," Discussion Papers 1264, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Lehrer, E, 1989. "Lower Equilibrium Payoffs in Two-Player Repeated Games with Non-observable Actions," International Journal of Game Theory, Springer, vol. 18(1), pages 57-89.
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