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:
“What other words, we may almost ask, are memorable and worthy to be repeated than those which love has inspired? It is wonderful that they were ever uttered. They are few and rare indeed, but, like a strain of music, they are incessantly repeated and modulated by the memory. All other words crumble off with the stucco which overlies the heart. We should not dare to repeat these now aloud. We are not competent to hear them at all times.”
—Henry David Thoreau (1817–1862)
“It is usual for a Man who loves Country Sports to preserve the Game in his own Grounds, and divert himself upon those that belong to his Neighbour.”
—Joseph Addison (1672–1719)