Reputation Effects In Dynamic Games
AbstractThe solution of a reputational equilibrium is given for a class of linear, quadratic, gaussian dynamic games with noisy control. Although there is imperfect monitoring, a sequential equilibrium is found where the uninformed agents always smoothly learn the type of the informed agent, there is no sudden switch in agents' strategies ; a common feature of reputational models. Reputation effects are temporary in the infinite horizon case for positive discount rates, as the discount factor tends to unity there is a permanent reputation.
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 329.
Length: 23 pages
Date of creation: 1989
Date of revision:
games ; discount ; microeconomics ; economics;
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