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1、RepeatedGames(I)1Apartfromthechaptersintheconventionaltextbooks,therearesomespecializedbooksonit.Mailath,G.J.,Samuelson,L.(2007).RepeatedGamesandReputations:Long-RunRelationships.OUP.RobertAumann,MichaelMaschler(1995).RepeatedGameswithIncompleteInformation.MITPress.2SomeGeneralD
2、iscussionThemodelofrepeatedgameisdesignedtoexaminethelogicoflongterminteraction.Itcapturestheideathataplayerwilltakeintoaccounttheeffectofhiscurrentbehaviourontheotherplayers’futurebehaviour,andaimstoexplainphenomenalikecooperation,revenge,andthreats.•TheBasicIdeaThebasicideabeh
3、indthetheoryisillustratedbythecaseinwhichtwoindividualsrepeatedlyplaythePrisoner’sDilemma.3ThisgamehasauniqueNashequilibrium,inwhicheachplayerchoosesD;Further,foreachplayertheactionDstrictlydominatestheactionC,sothattherationalebehindtheoutcome(D,D)isverystrong.Despitethis,bothp
4、layerarebetteroffifthey“cooperate”andchooseC.Themainideabehindthetheoryofrepeatedgamesisthatifthegameisplayedrepeatedlythenthemutuallydesirableoutcomeinwhich(C,C)occursineveryperiodisstable,ifeachplayerbelievesthatadefectionwillterminatethecooperation,resultinginasubsequentlossf
5、orhimthatoutweighstheshort-termgain.Theprimaryachievementofthetheoryistoisolatetypesofstrategiesthatsupportmutuallydesirableoutcomesinanygame.4Thetheorygivesusinsightsintothestructureofbehaviourwhenindividualsinteractrepeatedly,structurethatmayinterpretedintermsofa“socialnorm”.T
6、heresultsthatwedescribeshowthatthesocialnormneededtosustainmutuallydesirableoutcomesinvolveseachplayer’s“punishing”anyplayerwhosebehaviourisundesirable.Whenweimposetherequirementembeddedinthenotionofsubgameperfectequilibriumthatthreatsofpunishmentbecredible,thesocialnormsmustens
7、urethatthepunishershaveanincentivetocarryoutthethreatsincircumstancesinwhichthesocialnormrequiresthemtodoso.Inthiscasetheprecisenatureofthepunishmentdependsonhowtheplayersvaluefutureoutcomes.5Sometimesitissufficientthatapunishmentphaselastforalimitedamountoftime,afterwhichthepla
8、yersreturntopursuethemutuallydesirableoutcome;S
