Discounted and finitely repeated minority games with public signals
Renault, Jérôme and Scarlatti, Sergio and Scarsini, Marco (2007) Discounted and finitely repeated minority games with public signals. [Working Paper]. p. 36. Open Access publications from University of Toulouse 1 Capitole (No. 2371).
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We consider a repeated game where at each stage players simultaneously choose one of two rooms. The players who choose the less crowded room are rewarded with one euro. The players in the same room do not recognize each other, and between the stages only the current majority room is publicly announced, hence the game has imperfect public monitoring. An undiscounted version of this game was considered by Renault et al. (2005), who proved a folk theorem. Here we consider a discounted version and a nitely repeated version of the game, and we strengthen our previous result by showing that the set of equilibrium payos Hausdor-converges to the feasible set as either the discount factor goes to one or the number of repetition goes to innity. We show that the set of public equilibria for this game is strictly smaller than the set of private equilibria.
|Item Type:||Report / Paper (Working Paper)|
|Research documents and activity classification:||Working Papers > Refereed Working Papers / of international relevance|
|Divisions:||Department of Business and Management|
|Additional Information:||The definitive version of the paper has been published in "Mathematical Social Sciences", Vol. 56(1), Pages 44-74, July 2008.|
|Uncontrolled Keywords:||Repeated games. Imperfect monitoring. Public equilibria. Private equilibria. Pareto-efficiency. Discount factor.|
|MIUR Scientific Area:||Area 13 - Economics and Statistics > SECS-S/01 Statistics|
|Deposited By:||Maria Teresa Nistico|
|Deposited On:||21 Dec 2010 10:59|
|Last Modified:||21 Dec 2010 10:59|
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- Discounted and finitely repeated minority games with public signals. (deposited 28 Oct 2009 11:40)
- Discounted and finitely repeated minority games with public signals. (deposited 21 Dec 2010 10:59) [Currently Displayed]
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