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Delayed Perfect Monitoring in Repeated Games

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  • Kinateder, Markus

Abstract

Delayed perfect monitoring in an in�nitely repeated discounted game is studied. A player perfectly observes any other player's action choice with a fixed, but finite delay. The observational delays between different pairs of players are heterogeneous and asymmetric. The Folk Theorem extends to this setup, although for a range of discount factors strictly below 1, the set of belief-free equilibria is reduced under certain conditions. This model applies to any situation in which there is a heterogeneous delay between information generation and the players-reaction to it.

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  • Kinateder, Markus, 2009. "Delayed Perfect Monitoring in Repeated Games," MPRA Paper 20443, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:20443
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    References listed on IDEAS

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    1. Drew Fudenberg & David K. Levine & Satoru Takahashi, 2008. "Perfect public equilibrium when players are patient," World Scientific Book Chapters, in: Drew Fudenberg & David K Levine (ed.), A Long-Run Collaboration On Long-Run Games, chapter 16, pages 345-367, World Scientific Publishing Co. Pte. Ltd..
    2. Markus Kinateder, 2006. "Repeated Games Played in a Network," UFAE and IAE Working Papers 674.06, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    3. Drew Fudenberg & David Levine & Eric Maskin, 2008. "The Folk Theorem With Imperfect Public Information," World Scientific Book Chapters, in: Drew Fudenberg & David K Levine (ed.), A Long-Run Collaboration On Long-Run Games, chapter 12, pages 231-273, World Scientific Publishing Co. Pte. Ltd..
    4. Kinateder, Markus, 2010. "The Repeated Prisoner’s Dilemma in a Network," Sustainable Development Papers 96669, Fondazione Eni Enrico Mattei (FEEM).
    5. Drew Fudenberg & Eric Maskin, 2008. "The Folk Theorem In Repeated Games With Discounting Or With Incomplete Information," World Scientific Book Chapters, in: Drew Fudenberg & David K Levine (ed.), A Long-Run Collaboration On Long-Run Games, chapter 11, pages 209-230, World Scientific Publishing Co. Pte. Ltd..
    6. Abreu, Dilip & Dutta, Prajit K & Smith, Lones, 1994. "The Folk Theorem for Repeated Games: A NEU Condition," Econometrica, Econometric Society, vol. 62(4), pages 939-948, July.
    7. Cripps, Martin W. & Mailath, George J. & Samuelson, Larry, 2007. "Disappearing private reputations in long-run relationships," Journal of Economic Theory, Elsevier, vol. 134(1), pages 287-316, May.
    8. Kandori, Michihiro, 2002. "Introduction to Repeated Games with Private Monitoring," Journal of Economic Theory, Elsevier, vol. 102(1), pages 1-15, January.
    9. Glenn Ellison, 1994. "Cooperation in the Prisoner's Dilemma with Anonymous Random Matching," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 61(3), pages 567-588.
    10. Mailath, George J. & Samuelson, Larry, 2006. "Repeated Games and Reputations: Long-Run Relationships," OUP Catalogue, Oxford University Press, number 9780195300796.
    11. Michihiro Kandori, 1992. "Social Norms and Community Enforcement," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(1), pages 63-80.
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    Cited by:

    1. Fudenberg, Drew & Ishii, Yuhta & Kominers, Scott Duke, 2014. "Delayed-response strategies in repeated games with observation lags," Journal of Economic Theory, Elsevier, vol. 150(C), pages 487-514.
    2. Chen, Jiakai, 2021. "LIBOR's poker," Journal of Financial Markets, Elsevier, vol. 55(C).

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    More about this item

    Keywords

    Repeated Game; Delayed Perfect Monitoring; Folk Theorem;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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