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.
Read more about this topic: Repeated Game
Famous quotes containing the words infinitely, repeated and/or games:
“It’s impossible to represent a saint [in Art]. It becomes boring. Perhaps because he is, like the Saturday Evening Post people, in the position of having almost infinitely free will.”
—W.H. (Wystan Hugh)
““Seven years and six months!” Humpty Dumpty repeated thoughtfully. “An uncomfortable sort of age. Now if you’d asked my advice, I’d have said ‘Leave off at seven’Mbut it’s too late now.””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“In 1600 the specialization of games and pastimes did not extend beyond infancy; after the age of three or four it decreased and disappeared. From then on the child played the same games as the adult, either with other children or with adults. . . . Conversely, adults used to play games which today only children play.”
—Philippe Ariés (20th century)