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Information and Its Value in Zero-Sum Repeated Games

Author

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  • Ehud Lehrer
  • Dinah Rosenberg

Abstract

Two players play an unknown zero-sum repeated game. Before the game starts one player may receive signals, whose nature is specified by an information structure, regarding the game actually played. We characterize when one information structure is better for the maximizer than another. We also characterize those functions defined on partitions that determine the equilibrium payoff when one player is informed about the cell of the partition that contains the realized state.

Suggested Citation

  • Ehud Lehrer & Dinah Rosenberg, 2003. "Information and Its Value in Zero-Sum Repeated Games," Game Theory and Information 0312003, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpga:0312003
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/game/papers/0312/0312003.pdf
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    References listed on IDEAS

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    1. repec:dau:papers:123456789/6244 is not listed on IDEAS
    2. Gilboa, Itzhak & Lehrer, Ehud, 1991. "The value of information - An axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 20(5), pages 443-459.
    3. Mertens,Jean-François & Sorin,Sylvain & Zamir,Shmuel, 2015. "Repeated Games," Cambridge Books, Cambridge University Press, number 9781107030206.
      • Mertens,Jean-François & Sorin,Sylvain & Zamir,Shmuel, 2015. "Repeated Games," Cambridge Books, Cambridge University Press, number 9781107662636.
    4. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Journal of Economic Theory, Elsevier, vol. 83(1), pages 69-89, November.
    5. Bassan, B. & Gossner, O. & Scarsini, M. & Zamir, S., 1999. "A Class of Games with Positive Value of Information," Papers 99-32, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
    6. Gossner, Olivier, 2000. "Comparison of Information Structures," Games and Economic Behavior, Elsevier, vol. 30(1), pages 44-63, January.
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    Citations

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    Cited by:

    1. Gossner, Olivier, 2010. "Ability and knowledge," Games and Economic Behavior, Elsevier, vol. 69(1), pages 95-106, May.
    2. Lehrer, Ehud & Rosenberg, Dinah, 2006. "What restrictions do Bayesian games impose on the value of information?," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 343-357, June.

    More about this item

    Keywords

    value of information; repeated games;

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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