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Less is More: An Observability Paradox in Repeated Gamess

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Author Info
Michihiro Kandori (Faculty of Economics, University of Tokyo)
Ichiro Obara (Department of Economics, UCLA)

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Abstract

We present a repeated prisoners' dilemma game with imperfect public monitoring, which exhibits the following paradoxical feature: the equilibrium payoff set expands and asymptotically achieves full efficiency as the public signal becomes less sensitive to the hiden actions of the players.

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Publisher Info
Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-246.

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Length: 19 pages
Date of creation: Nov 2003
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Handle: RePEc:tky:fseres:2003cf246

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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. Ely, Jeffrey C. & Valimaki, Juuso, 2002. "A Robust Folk Theorem for the Prisoner's Dilemma," Journal of Economic Theory, Elsevier, vol. 102(1), pages 84-105, January. [Downloadable!] (restricted)
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  2. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, vol. 66(3), pages 627-652, May.
  3. V. Bhaskar & Ichiro Obara, . "Belief-Based Equilibria in the Repeated Prisoners' Dilemma with Private Monitoring," Penn CARESS Working Papers d93eb6f40c65728f9e1a7b114, Penn Economics Department. [Downloadable!]
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  4. Lehrer, Ehud, 1992. "On the Equilibrium Payoffs Set of Two Player Repeated Games with Imperfect Monitoring," International Journal of Game Theory, Springer, vol. 20(3), pages 211-26.
  5. Lehrer, Ehud, 1991. "Internal Correlation in Repeated Games," International Journal of Game Theory, Springer, vol. 19(4), pages 431-56.
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  6. Fudenberg Drew & Levine David K., 1994. "Efficiency and Observability with Long-Run and Short-Run Players," Journal of Economic Theory, Elsevier, vol. 62(1), pages 103-135, February. [Downloadable!] (restricted)
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  7. Drew Fudenberg & David K. Levine & Eric Maskin, 1994. "The Folk Theorem with Imperfect Public Information," Levine's Working Paper Archive 394, David K. Levine. [Downloadable!]
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  8. Michihiro Kandori & Ichiro Obara, 2006. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," Econometrica, Econometric Society, vol. 74(2), pages 499-519, 03. [Downloadable!] (restricted)
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  9. Kandori, Michihiro, 1992. "The Use of Information in Repeated Games with Imperfect Monitoring," Review of Economic Studies, Blackwell Publishing, vol. 59(3), pages 581-93, July. [Downloadable!] (restricted)
  10. Sekiguchi, Tadashi, 1997. "Efficiency in Repeated Prisoner's Dilemma with Private Monitoring," Journal of Economic Theory, Elsevier, vol. 76(2), pages 345-361, October. [Downloadable!] (restricted)
  11. Piccione, Michele, 2002. "The Repeated Prisoner's Dilemma with Imperfect Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 70-83, January. [Downloadable!] (restricted)
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(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. Ichiro Obara, 2004. "Efficiency in Repeated Games Revisited: The Role of Private Strategies (with M. Kandori)," UCLA Economics Online Papers 281, UCLA Department of Economics. [Downloadable!]
  2. Michihiro Kandori & Ichiro Obara, 2003. "Efficiency in Repeated Games Revisited: The Role of Private Strategies," CIRJE F-Series CIRJE-F-255, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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