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Some Asymptotic Results in Discounted Repeated Games of One-Sided Incomplete Information

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Author Info
Jonathan P. Thomas (University of St. Andrews)
Martin Cripps (University of Warwick)

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Abstract

The paper analyzes the Nash equilibria of two-person discounted repeated games with one-sided incomplete information and known own payoffs. If the informed player is arbitrarily patient relative to the uninformed player, then the characterization for the informed player's payoffs is essentially the same as that in the undiscounted case. This implies that even small amounts of incomplete information can lead to a discontinuous change in the equilibrium payoff set. For the case of equal discount factors, however, and under an assumption that strictly individually rational payoffs exist, a result akin to the Folk Theorem holds when a complete information game is perturbed by a small amount of incomplete information.

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File URL: http://129.3.20.41/eps/game/papers/0004/0004003.pdf
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Publisher Info
Paper provided by EconWPA in its series Game Theory and Information with number 0004003.

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Length: 45 pages
Date of creation: 14 Jun 2000
Date of revision:
Handle: RePEc:wpa:wuwpga:0004003

Note: Type of Document - Acrobat PDF; prepared on IBM PC; pages: 45 ; figures: included. pdf file, prepared from sci word
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Web page: http://129.3.20.41

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Related research
Keywords: reputation; Folk Theorem; repeated games; incomplete information;

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Find related papers by JEL classification:
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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References listed on IDEAS
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. Sorin, Sylvain, 1999. "Merging, Reputation, and Repeated Games with Incomplete Information," Games and Economic Behavior, Elsevier, vol. 29(1-2), pages 274-308, October. [Downloadable!] (restricted)
  2. Drew Fudenberg & Eric Maskin, 1987. "On the Dispensability of Public Randomization in Discounted Repeated Games," Working papers 467, Massachusetts Institute of Technology (MIT), Department of Economics.
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Cited by:
(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. LOVO, Stefano & HÖRNER, Johanes, 2006. "Belief-free Equilibria in games with incomplete information," Les Cahiers de Recherche 845, HEC Paris. [Downloadable!]
  2. Stefano, LOVO, 2007. "Belief-free equilibria in games with incomplete information," Les Cahiers de Recherche 884, HEC Paris. [Downloadable!]
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