Repeated two-person zero-sum games with unequal discounting and private monitoring

Guilherme Carmona and Luís Carvalho

Journal of Mathematical Economics, 2016, vol. 63, issue C, 131-138

Abstract: We consider discounted repeated two-person zero-sum games with private monitoring. We show that even when players have different and time-varying discount factors, each player’s payoff is equal to his stage-game minmax payoff in every sequential equilibrium. Furthermore, we show that: (a) in every history on the equilibrium path, the pair formed by each player’s conjecture about his opponent’s action must be a Nash equilibrium of the stage game, and (b) the distribution of action profiles in every period is a correlated equilibrium of the stage game. In the particular case of public strategies in public monitoring games, players must play a Nash equilibrium after any public history.

Keywords: Repeated games; Two-person zero-sum games (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:63:y:2016:i:c:p:131-138

DOI: 10.1016/j.jmateco.2016.02.005

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