English, Article, Journal or magazine article edition: Repeated Games with Imperfect Private Monitoring: Notes on a Coordination Perspective George J. Mailath; Stephen Morris

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Bookmark: http://trove.nla.gov.au/version/189758
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Repeated Games with Imperfect Private Monitoring: Notes on a Coordination Perspective
Author
  • George J. Mailath
  • Stephen Morris
Physical Description
  • preprint
Notes
  • In repeated games with imperfect public monitoring, players can use public signals to perfectly coordinate their behavior. Our study of repeated games with imperfect private monitoring focusses on the coordination problem that arises without public signals. We present three new observations. First, in a simple twice repeated game, we characterize the private signalling technologies that allow non-static Nash behavior in pure strategy equilibria. Our characterization uses the language of common p-belief due to Monderer and Samet (GEB, 1989). Second, we show that in the continuum action convention game of Shin and Williamson (GEB, 1996), for any full support private monitoring technology, equilibria of the finitely repeated convention game must involve only static Nash equilibria. By contrast, with sufficiently informative public monitoring, the multiplicity of Nash equilibria allows a finite folk theorem. Finally, for finite action games, we prove that there are full support private monitoring technologies for which a Nash reversion infinite horizon folk theorem holds.
  • RePEc:wop:pennca:imp-mon
  • RePEc:cla:penntw:5d82f80bcea2483b6387c5b68db8a6c2
Language
  • English
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