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We consider the "and" communication mechanism that inputs messages from two players and outputs the public signal "yes" if both messages are "yes", and outputs "no" otherwise. We prove that no correlation can securely be implemented through finite or infinite repetition of this mechanism.
Persistent link: https://www.econbiz.de/10005042897
This paper studies situations in which agents do not initially know the effect of their decisions, but learn from experience the payoffs induced by their choices and their opponent's. We characterize equilibrium paysoffs in termsof simple strategies in which an explanation phase is followed by a...
Persistent link: https://www.econbiz.de/10005008285
We consider the “and” communication device that receives inputs from two players and outputs the public signal yes if both messages are yes, and outputs no otherwise. We prove that no correlation can securely be implemented using this device, even when infinitely many stages of communication...
Persistent link: https://www.econbiz.de/10009002736
We characterize the minmax values of a class of repeated games with imperfect monitoring. Our result relies on the optimal trade-off for the team formed by punishing players between optimization of stage-payoffs and generation of signals for future correlation. Amounts of correlation are...
Persistent link: https://www.econbiz.de/10011073610
An observer of a process View the MathML source believes the process is governed by Q whereas the true law is P. We bound the expected average distance between P(xt|x1,…,xt−1) and Q(xt|x1,…,xt−1) for t=1,…,n by a function of the relative entropy between the marginals of P and Q on the...
Persistent link: https://www.econbiz.de/10011073630
Quitting games are n-player sequential games in which, at any stage, each player has the choice between continuing and quitting. The game ends as soon as at least one player chooses to quit; player i then receives a payoff riS, which depends on the set S of players that did choose to quit. If...
Persistent link: https://www.econbiz.de/10010707551
Persistent link: https://www.econbiz.de/10012237597
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Conditions of information independence are important in information economics and game theory. We present notions of partial independence in Bayesian environments, and study their relationships to notions of common knowledge.
Persistent link: https://www.econbiz.de/10010266273
We study the relationship between a player's (stage game) minmax payoff and the individually rational payoff in repeated games with imperfect monitoring. We characterize the signal structures under which these two payoffs coincide for any payoff matrix. Under a full rank assumption, we further...
Persistent link: https://www.econbiz.de/10010266293