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Reputation and Equilibrium Selection in Games with a Patient Player

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Listed author(s):
  • D. Fudenberg
  • David K. Levine

Abstract

A single, long-run player plays a simultaneous-move stage game against a sequence of opponents who only play once, but observe all previous play. If there is a positive prior probability that the long-run player will always play the pure strategy he would most like to commit himself to (his Stackleberg strategy), then his payoff in any Nash equilibrium exceeds a bound that converges to the Stackleberg payoff as his discount factor approaches one. When the stage game is not simultaneous move, this result must be modified to account for the possibility that distinct strategies of the long-run player are observationally equivalent. Copyright 1989 by The Econometric Society.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.dklevine.com/papers/reputa1.pdf
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Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 508.

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Date of creation: 01 Jan 1989
Handle: RePEc:cla:levarc:508
Contact details of provider: Web page: http://www.dklevine.com/

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  1. Kreps, David M. & Milgrom, Paul & Roberts, John & Wilson, Robert, 1982. "Rational cooperation in the finitely repeated prisoners' dilemma," Journal of Economic Theory, Elsevier, vol. 27(2), pages 245-252, August.
  2. Fudenberg, Drew & Levine, David, 1983. "Subgame-perfect equilibria of finite- and infinite-horizon games," Journal of Economic Theory, Elsevier, vol. 31(2), pages 251-268, December.
  3. Reinhard Selten, 1974. "The Chain Store Paradox," Center for Mathematical Economics Working Papers 018, Center for Mathematical Economics, Bielefeld University.
  4. D. Fudenberg & D. M. Kreps, 1969. "Reputation and Simultaneous Opponents," Levine's Working Paper Archive 604, David K. Levine.
  5. Fudenberg, Drew & Kreps, David M. & Levine, David K., 1988. "On the robustness of equilibrium refinements," Journal of Economic Theory, Elsevier, vol. 44(2), pages 354-380, April.
  6. Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, vol. 85(3), pages 291-303, June.
  7. Drew Fudenberg & David M. Kreps & Eric S. Maskin, 1990. "Repeated Games with Long-run and Short-run Players," Review of Economic Studies, Oxford University Press, vol. 57(4), pages 555-573.
  8. Kreps, David M. & Wilson, Robert, 1982. "Reputation and imperfect information," Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August.
  9. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-554, May.
  10. Milgrom, Paul & Roberts, John, 1982. "Predation, reputation, and entry deterrence," Journal of Economic Theory, Elsevier, vol. 27(2), pages 280-312, August.
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