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Weakly Belief-Free Equilibria in Repeated Games with Private Monitoring

  • Michihiro Kandori

    (Faculty of Economics, University of Tokyo)

Repeated games with imperfect private monitoring have a wide range of applications, but a complete characterization of all equilibria in this class of games has yet to be obtained. The existing literature has identified a relatively tractable subset of equilibria. The present paper introduces the notion of weakly belief-free equilibria for repeated games with imperfect private monitoring. This is a tractable class which subsumes, as a special case, a major part of the existing literature (the belief-free equilibria), and it is shown that this class can outperform the equilibria identified by the previous work.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf491.pdf
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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-491.

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Length: 44 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:tky:fseres:2007cf491
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  1. George J Mailath & Stephen Morris, 1999. "Repeated Games with Almost Public Monitoring," Levine's Working Paper Archive 2107, David K. Levine.
  2. Michihiro Kandori & Hitoshi Matsushima, 1998. "Private Observation, Communication and Collusion," Econometrica, Econometric Society, vol. 66(3), pages 627-652, May.
  3. Bhaskar, V. & van Damme, E.E.C., 2002. "Moral hazard and private monitoring," Other publications TiSEM 432fc615-feb9-4c90-8a14-e, Tilburg University, School of Economics and Management.
  4. Hitoshi Matsushima, 2004. "Repeated Games with Private Monitoring: Two Players," Econometrica, Econometric Society, vol. 72(3), pages 823-852, 05.
  5. Mailath, George J. & Samuelson, Larry, 2006. "Repeated Games and Reputations: Long-Run Relationships," OUP Catalogue, Oxford University Press, number 9780195300796, March.
  6. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, June.
  7. Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
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