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Limited Records and Reputation

Author

Listed:
  • Liu, Qingmin

    (University of Pennsylvania)

  • Skrzypacz, Andrzej

    (Stanford University)

Abstract

We study the impact of limited records on reputation dynamics, that is, how the set of equilibria and equilibrium payoffs changes in a model in which one long-lived player faces a sequence of short-lived players who observe only limited information about past play (the last K periods of the long-lived player's actions). We show that limited records dramatically change the equilibrium behavior. Moreover, with limited records, equilibria in games with complete and incomplete information are strikingly different (in contrast to games with complete records). We also obtain a lower bound for equilibrium payoffs at any moment of the game, not only at the beginning, thus providing a stronger long-run prediction.

Suggested Citation

  • Liu, Qingmin & Skrzypacz, Andrzej, 2009. "Limited Records and Reputation," Research Papers 2030, Stanford University, Graduate School of Business.
  • Handle: RePEc:ecl:stabus:2030
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    Cited by:

    1. Aperjis, Christina & Zeckhauser, Richard J. & Miao, Yali, 2014. "Variable temptations and black mark reputations," Games and Economic Behavior, Elsevier, vol. 87(C), pages 70-90.
    2. Philippe Jehiel & Larry Samuelson, 2012. "Reputation with Analogical Reasoning," The Quarterly Journal of Economics, Oxford University Press, vol. 127(4), pages 1927-1969.
    3. Ekmekci, Mehmet, 2011. "Sustainable reputations with rating systems," Journal of Economic Theory, Elsevier, vol. 146(2), pages 479-503, March.
    4. V. Bhaskar & George J. Mailath & Stephen Morris, 2012. "A Foundation for Markov Equilibria with Finite Social Memory," Working Papers 1379, Princeton University, Department of Economics, Econometric Research Program..
    5. Bernardita Vial & Felipe Zurita, 2013. "Incentives and Reputation when Names can be Replaced: Valjean Reinvented as Monsieur Madeleine," Documentos de Trabajo 447, Instituto de Economia. Pontificia Universidad Católica de Chile..
    6. Alp E. Atakan & Mehmet Ekmekci, 2012. "Reputation in Long-Run Relationships," Review of Economic Studies, Oxford University Press, vol. 79(2), pages 451-480.
    7. Andrew Mell, 2011. "Re-Thinking Reputation," Economics Series Working Papers 565, University of Oxford, Department of Economics.
    8. Margherita Bottero & Giancarlo Spagnolo, 2013. "Limited credit records and market outcomes," Temi di discussione (Economic working papers) 903, Bank of Italy, Economic Research and International Relations Area.
    9. Heski Bar-Isaac & Joyee Deb, 2012. "Reputation for a Servant of Two Masters," Working Papers 12-08, New York University, Leonard N. Stern School of Business, Department of Economics.
    10. Bernardita Vial & Felipe Zurita, 2013. "Reputation-Driven Industry Dynamics," Documentos de Trabajo 436, Instituto de Economia. Pontificia Universidad Católica de Chile..

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