Finitely Vs Infinitely Repeated Games
Repeated games may be broadly divided into two classes, depending on whether the horizon is finite or infinite. The results in these two cases are very different. Even finitely repeated games are not necessarily finite horizon, the player may just perceive a probability of another cycle and act accordingly. For example, the fact that everyone has a fixed lifetime doesn't mean that all games should be finite horizon. Also, players might act differently when the horizon is far away as opposed to when it is close by, which can probably be thought of as a time modifier function applied to the payoff. The difference in strategies for finite versus infinite horizon games is a hotly debated topic, and many game theorists have differing views regarding it.
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Famous quotes containing the words infinitely, repeated and/or games:
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—W.H. (Wystan Hugh)
“Once Vogue showed two or three dresses for stout women, but we were so shaken by the experience we haven’t repeated it in fifty-seven years. Today ... we must acknowledge that a lady may grow mature, but she never grows fat.”
—Edna Woolman Chase (1877–1957)
“Criticism occupies the lowest place in the literary hierarchy: as regards form, almost always; and as regards moral value, incontestably. It comes after rhyming games and acrostics, which at least require a certain inventiveness.”
—Gustave Flaubert (1821–1880)