Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/197123
Authors: 
Barron, Daniel
Year of Publication: 
2017
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 12 [Year:] 2017 [Issue:] 3 [Pages:] 957-978
Abstract: 
I prove an efficiency result for repeated games with imperfect public monitoring in which one player's utility is privately known and evolves according to a Markov process. Under certain assumptions, patient players can attain approximately efficient payoffs in equilibrium. The public signal must satisfy a 'pairwise full rank' condition that is somewhat stronger than the monitoring condition required in the Folk Theorem proved by Fudenberg, Levine, and Maskin (1994). Under stronger assumptions, the efficiency result partially extends to settings in which one player has private information that determines every player's payoff. The proof is partially constructive and uses an intuitive technique to mitigate the impact of private information on continuation payoffs.
Subjects: 
Repeated Bayesian games
efficiency
JEL: 
C72
C73
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/4.0/
Document Type: 
Article

Files in This Item:
File
Size
249.93 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.