On the MaxMin Value of Stochastic Games with Imperfect Monitoring
We study zero-sum stochastic games in which players do not observe the actions of the opponent. Rather, they observe a stochastic signal that may depend on the state, and on the pair of actions chosen by the players. We assume each player observes the state and his own action. We propose a candidate for the max-min value, which does not depend on the information structure of player 2. We prove that player 2 can defend the proposed max-min value, and that in absorbing games player 1 can guarantee it. Analogous results hold for the min-max value. This paper thereby unites several results due to Coulomb.
(This abstract was borrowed from another version of this item.)
|Date of creation:||Dec 2001|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.kellogg.northwestern.edu/research/math/
More information through EDIRC
|Order Information:|| Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Radner, Roy, 1981. "Monitoring Cooperative Agreements in a Repeated Principal-Agent Relationship," Econometrica, Econometric Society, vol. 49(5), pages 1127-48, September.
- Mertens, J.-F. & Neyman, A., .
CORE Discussion Papers RP
-454, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Mertens, Jean-Francois, 2002. "Stochastic games," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 47, pages 1809-1832 Elsevier.
- Lehrer, Ehud, 1992. "On the Equilibrium Payoffs Set of Two Player Repeated Games with Imperfect Monitoring," International Journal of Game Theory, Springer, vol. 20(3), pages 211-26.
- Eilon Solan & Rakesh V. Vohra, 1999. "Correlated Equilibrium, Public Signaling and Absorbing Games," Discussion Papers 1272, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Vrieze, O J & Thuijsman, F, 1989. "On Equilibria in Repeated Games with Absorbing States," International Journal of Game Theory, Springer, vol. 18(3), pages 293-310.
- Lehrer, E, 1990. "Nash Equilibria of n-Player Repeated Games with Semi-standard Information," International Journal of Game Theory, Springer, vol. 19(2), pages 191-217.
- Robert J. Aumann, 1995. "Repeated Games with Incomplete Information," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011476, June.
- Aumann, Robert J. & Heifetz, Aviad, 2002.
Handbook of Game Theory with Economic Applications,
in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 43, pages 1665-1686
- Rubinstein, Ariel & Yaari, Menahem E., 1983. "Repeated insurance contracts and moral hazard," Journal of Economic Theory, Elsevier, vol. 30(1), pages 74-97, June.
- Coulomb, Jean-Michel, 1992. "Repeated Games with Absorbing States and No Signals," International Journal of Game Theory, Springer, vol. 21(2), pages 161-74.
- Lehrer, E, 1989. "Lower Equilibrium Payoffs in Two-Player Repeated Games with Non-observable Actions," International Journal of Game Theory, Springer, vol. 18(1), pages 57-89.
When requesting a correction, please mention this item's handle: RePEc:nwu:cmsems:1344. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fran Walker)
If references are entirely missing, you can add them using this form.