In game theory, a repeated game (supergame or iterated game) is an extensive form game which consists in some number of repetitions of some base game (called a stage game). The stage game is usually one of the well-studied 2-person games. It captures the idea that a player will have to take into account the impact of his current action on the future actions of other players; this is sometimes called his reputation. The presence of different equilibrium properties is because the threat of retaliation is real, since one will play the game again with the same person. It can be proved that every strategy that has a payoff greater than the minmax payoff can be a Nash Equilibrium, which is a very large set of strategies. Single stage game or single shot game are names for non-repeated games.
Read more about Repeated Game: Finitely Vs Infinitely Repeated Games, Infinitely Repeated Games, Finitely Repeated Games, Repeated Prisoner's Dilemma, Solving Repeated Games, Incomplete Information
Famous quotes containing the words repeated and/or game:
“When we awoke, we found a heavy dew on our blankets. I lay awake very early, and listened to the clear, shrill ah, te te, te te, te of the white-throated sparrow, repeated at short intervals, without the least variation, for half an hour, as if it could not enough express its happiness. Whether my companions heard it or not, I know not, but it was a kind of matins to me, and the event of the forenoon.”
—Henry David Thoreau (1817–1862)
“Hollywood held this double lure for me, tremendous sums of money for work that required no more effort than a game of pinochle.”
—Ben Hecht (1893–1964)