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:
“Time rushes toward us with its hospital tray of infinitely varied narcotics, even while it is preparing us for its inevitably fatal operation.”
—Tennessee Williams (1914–1983)
“Nothing in the nature around us is evil. This needs to be repeated since one of the human ways of talking oneself into inhuman acts is to cite the supposed cruelty of nature.”
—John Berger (b. 1926)
“In the past, it seemed to make sense for a sportswriter on sabbatical from the playpen to attend the quadrennial hawgkilling when Presidential candidates are chosen, to observe and report upon politicians at play. After all, national conventions are games of a sort, and sports offers few spectacles richer in low comedy.”
—Walter Wellesley (Red)