CARESS Working Paper #99-13 The Repeated Prisoner’s Dilemma with Private Monitoring: a N-player case¤
نویسنده
چکیده
This paper studies the repeated prisoner’s dilemma with private monitoring for arbitrary number of players. It is shown that a mixture of a grim trigger strategy and permanent defection can achieve an almost e¢cient outcome for some range of discount factors if private monitoring is almost perfect and the number of players is large. This result also holds when the number of players is two for any prisoner’s dilemma as long as monitoring is almost perfect and symmetric. A detailed characterization of this sequential equilibrium is provided. ¤I am grateful to my advisers George Mailath and Andrew Postlewaite for their encouragement and valuable suggestions, and Johannes Horner, Stephen Morris, Nicolas Persico, Tadashi Sekiguchi for their helpful comments. All remaining errors are mine.
منابع مشابه
Belief-Based Equilibria in the Repeated Prisoners' Dilemma with Private Monitoring
We analyze in...nitely repeated prisoners’ dilemma games with imperfect private monitoring, and construct sequential equilibria where strategies are measurable with respect to players’ beliefs regarding their opponents’ continuation strategies. We show that, when monitoring is almost perfect, the symmetric e¢cient outcome can be approximated in any prisoners’ dilemma game, while every individua...
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