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We prove the perfect-monitoring folk theorem continues to hold when attention is restricted to strategies with bounded recall and the equilibrium is essentially required to be strict. As a consequence, the perfect monitoring folk theorem is shown to be behaviorally robust under almost-perfect...
Persistent link: https://www.econbiz.de/10008494290
A strategy profile in a repeated game has bounded recall L if play under the profile after two distinct histories that agree in the last L periods is equal. Mailath and Morris (2002, 2006) proved that any strict equilibrium in bounded-recall strategies of a game with full support public...
Persistent link: https://www.econbiz.de/10005150206
A strategy profile in a repeated game has bounded recall L if play under the profile after two distinct histories that agree in the last L periods is equal. Mailath and Morris (2002, 2006) proved that any strict equilibrium in bounded-recall strategies of a game with full support public...
Persistent link: https://www.econbiz.de/10005252350
under the profile after two distinct histories that agree in the last L periods is equal. Mailath and Morris (2002, 2006) proved that any strict equilibrium in bounded-recall strategies of a game with full support public monitoring is robust to all perturbations of the monitoring structure...
Persistent link: https://www.econbiz.de/10003782121
This paper extends the framework of Kajii and Morris (1997) to study the question of robustness to incomplete information in repeated games. We show that dynamically robust equilibria can be characterized using a one-shot robustness principle that extends the one-shot deviation principle. Using...
Persistent link: https://www.econbiz.de/10011695089
A strategy profile in a repeated game has L bounded recall if play under the profile after two distinct histories that agree in the last L periods is equal. Mailath and Morris (2002, 2006) proved that any strict equilibrium in bounded-recall strategies of a game with full support public...
Persistent link: https://www.econbiz.de/10005126707
We study repeated games with imperfect public monitoring and unequal discounting. We characterize the limit set of perfect and public equilibrium payoffs as discount factors converge to 1 with the relative patience between players fixed. We show that the pairwise and individual full rank...
Persistent link: https://www.econbiz.de/10011599551
In a repeated game with imperfect public information, the set of equilibria depends on the way that the distribution of public signals varies with the players' actions. Recent research has focused on the case of "frequent monitoring," where the time interval between periods becomes small. Here...
Persistent link: https://www.econbiz.de/10005085595
We study repeated games with imperfect public monitoring and unequal discounting. We characterize the limit set of perfect and public equilibrium payoffs as discount factors converge to 1 with the relative patience between players fixed. We show that the pairwise and individual full rank...
Persistent link: https://www.econbiz.de/10011673281
I consider repeated games on a network where players interact and communicate with their neighbors. At each stage, players choose actions and exchange private messages with their neighbors. The payoff of a player depends only on his own action and on the actions of his neighbors. At the end of...
Persistent link: https://www.econbiz.de/10010588262