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Reputation in Dynamic Games

  • Celentani, Marco
  • Pesendorfer, Wolfgang

We consider an infinite dynamic game played by one large player and a large number of small players. State variables are allowed, and public histories include only the play of the large player, the aggregate play of the small players and the aggregate state variable. We use a reputational argument that restricts the set of equilibria to profiles that give the large player almost what he could get by committing to an optimal strategy as his discount factor approaches 1. Furthermore we identify a class of dynamic games where this result holds even if the small players' discount factor also approaches 1.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 70 (1996)
Issue (Month): 1 (July)
Pages: 109-132

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Handle: RePEc:eee:jetheo:v:70:y:1996:i:1:p:109-132
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  1. Dekel, Eddie & Farrell, Joseph, 1990. "One-sided patience with one-sided communication does not justify stackelberg equilibrium," Games and Economic Behavior, Elsevier, vol. 2(4), pages 299-303, December.
  2. Nancy L. Stokey, 1981. "Rational Expectations and Durable Goods Pricing," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 112-128, Spring.
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  4. V. V. Chari & Patrick J Kehoe, 1998. "Sustainable Plans," Levine's Working Paper Archive 600, David K. Levine.
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  8. Paul Milgrom & John Roberts, 1997. "Predation, reputation , and entry deterrence," Levine's Working Paper Archive 1460, David K. Levine.
  9. Kreps, David M. & Wilson, Robert, 1982. "Reputation and imperfect information," Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August.
  10. Larry M. Ausubel & Raymond J. Deneckere, 1989. "Reputation in Bargaining and Durable Goods Monopoly," Levine's Working Paper Archive 201, David K. Levine.
  11. Ausubel, Lawrence M & Deneckere, Raymond J, 1989. "Reputation in Bargaining and Durable Goods Monopoly," Econometrica, Econometric Society, vol. 57(3), pages 511-31, May.
  12. Faruk Gul & Hugo Sonnenschein & Robert Wilson, 2010. "Foundations of Dynamic Monopoly and the Coase Conjecture," Levine's Working Paper Archive 232, David K. Levine.
  13. Schmidt, Klaus M., 1993. "Reputation and Equilibrium Characterization in Repeated Games with Conflicting Interests," Munich Reprints in Economics 3395, University of Munich, Department of Economics.
  14. Kydland, Finn E. & Prescott, Edward C., 1980. "Dynamic optimal taxation, rational expectations and optimal control," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 79-91, May.
  15. Dutta, P.K., 1991. "A Folk Theorem for Stochastic Games," RCER Working Papers 293, University of Rochester - Center for Economic Research (RCER).
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  17. repec:dgr:kubcen:199210 is not listed on IDEAS
  18. Cripps, M. & Thomas, J.P., 1992. "Reputation and commitment in two-person repeated games," Discussion Paper 1992-10, Tilburg University, Center for Economic Research.
  19. Cripps, Martin W & Thomas, Jonathan P, 1995. "Reputation and Commitment in Two-Person Repeated Games without Discounting," Econometrica, Econometric Society, vol. 63(6), pages 1401-19, November.
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