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:
“It is a dogma of the Roman Church that the existence of God can be proved by natural reason. Now this dogma would make it impossible for me to be a Roman Catholic. If I thought of God as another being like myself, outside myself, only infinitely more powerful, then I would regard it as my duty to defy him.”
—Ludwig Wittgenstein (1889–1951)
“It is commonly said, and more particularly by Lord Shaftesbury, that ridicule is the best test of truth; for that it will not stick where it is not just. I deny it. A truth learned in a certain light, and attacked in certain words, by men of wit and humour, may, and often doth, become ridiculous, at least so far, that the truth is only remembered and repeated for the sake of the ridicule.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“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)