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.
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Famous quotes containing the words repeated and/or game:
““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)
“The family environment in which your children are growing up is different from that in which you grew up. The decisions our parents made and the strategies they used were developed in a different context from what we face today, even if the “content” of the problem is the same. It is a mistake to think that our own experience as children and adolescents will give us all we need to help our children. The rules of the game have changed.”
—Lawrence Kutner (20th century)