Weakly Belief-Free Equilibria in Repeated Games with Private Monitoring

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Weakly Belief-Free Equilibria in Repeated Games with Private Monitoring

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Michihiro Kandori (Faculty of Economics, University of Tokyo)

Abstract

Repeated games with imperfect private monitoring have a wide range of applications, but a complete characterization of all equilibria in this class of games has yet to be obtained. The existing literature has identified a relatively tractable subset of equilibria. The present paper introduces the notion of weakly belief-free equilibria for repeated games with imperfect private monitoring. This is a tractable class which subsumes, as a special case, a major part of the existing literature (the belief-free equilibria), and it is shown that this class can outperform the equilibria identified by the previous work.

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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-491.

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Length: 44 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:tky:fseres:2007cf491

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This paper has been announced in the following NEP Reports:

NEP-ALL-2007-04-21 (All new papers)
NEP-GTH-2007-04-21 (Game Theory)

References listed on IDEAS
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Other versions:
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Other versions:
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Other versions:
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Other versions:
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Other versions:
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Bhaskar, V. & van Damme, Eric, 2002. "Moral Hazard and Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 16-39, January. [Downloadable!] (restricted)
Other versions:
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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. [Downloadable!] (restricted)
Other versions:
- 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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Other versions:
- Hitoshi Matsushima, 2003. "Repeated Games with Private Monitoring: Two Players," CIRJE F-Series CIRJE-F-242, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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