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The fragility of reputation effects

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  • Allen Vong

Abstract

I revisit the canonical reputation framework in which a long-lived player interacts with a sequence of short-lived opponents and may be either strategic or a commitment type who always plays the same, possibly mixed, action. I depart by allowing short-lived players to be uncertain not only about the long-lived player's type, but also about the signal structure. I show that even vanishingly small misspecified skepticism of short-lived players about commitment as an explanation of the observed signals can completely eliminate reputation effects: a patient strategic long-lived player's equilibrium payoff is bounded above by the canonical complete-information benchmark.

Suggested Citation

  • Allen Vong, 2026. "The fragility of reputation effects," Papers 2605.17090, arXiv.org.
    • Handle: RePEc:arx:papers:2605.17090
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    File URL: http://arxiv.org/pdf/2605.17090
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