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equilibria share some features with the ones of multi-sided reputation models. …
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remains unclear. In each of six treatments that vary the cooperation premium and the informational basis for reputation … forces of (a) learning about the benefits of reputation, and (b) learning about backward unraveling. We find, inter alia …, that with a high cooperation premium and good information, investment in reputation grows across sets of finitely …
Persistent link: https://www.econbiz.de/10010126752
We consider an infinitely repeated game in which a privately informed, long-lived manager raises funds from short-lived investors in order to finance a project. The manager can signal project quality to investors by making a (possibly costly) forward-looking disclosure about her project's...
Persistent link: https://www.econbiz.de/10011506852
Recent evidence highlights the importance of social norms in many economic relations. However, many of these relationships are long-term and provide repeated game incentives for performance. We experimentally investigate interaction effects of reciprocity and repeated game incentives in two...
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Community enforcement is an important device for sustaining efficiency in some repeated games of cooperation. We investigate cooperation when information about players' reputations spreads to their future partners through links in a social network that connects them. We find that information...
Persistent link: https://www.econbiz.de/10011773641
We analyze discounted repeated games with incomplete information, such that the players' payoffs depend only on their own type (known-own payoff case). We describe an algorithm for finding all equilibrium payoffs in games for which there exists an open set of belief-free equilibria of Hörner...
Persistent link: https://www.econbiz.de/10011674194
We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian learning about the nature of these deviations. Under...
Persistent link: https://www.econbiz.de/10011560575