In game theory, a repeated game (or iterated game) is an extensive form game that consists of a number of repetitions of some base game (called a stage game). The stage game is usually one of the well-studied 2-person games. Repeated games capture the idea that a player will have to take into account the impact of their current action on the future actions of other players; this impact is sometimes called their reputation. Single stage game or single shot game are names for non-repeated games.
For a real-life example of a repeated game, consider two gas stations that are adjacent to one another. They compete by publicly posting pricing, and have the same and constant marginal cost c (the wholesale price of gasoline). Assume that when they both charge p = 10, their joint profit is maximized, resulting in a high profit for everyone. Despite the fact that this is the best outcome for them, they are motivated to deviate. By modestly lowering the price, either can steal all of their competitors' customers, nearly doubling their revenues. P = c, where their profit is zero, is the only price without this profit deviation. In other words, in the pricing competition game, the only Nash equilibrium is inefficient (for gas stations) that both charge p = c. This is more of a rule than an exception: in a staged game, the Nash equilibrium is the only result that an agent can consistently acquire in an interaction, and it is usually inefficient for them. This is because the agents are just concerned with their own personal interests, and do not care about the benefits or costs that their actions bring to competitors. On the other hand, gas stations make a profit even if there is another gas station adjacent. One of the most crucial reasons is that their interaction is not one-off. This condition is portrayed by repeated games, in which two gas stations compete for pricing (stage games) across an indefinite time range t = 0, 1, 2,....
In game theory, a repeatedgame (or iterated game) is an extensive form game that consists of a number of repetitions of some base game (called a stage...
In game theory, grim trigger (also called the grim strategy or just grim) is a trigger strategy for a repeatedgame. Initially, a player using grim trigger...
In game theory, a stochastic game (or Markov game), introduced by Lloyd Shapley in the early 1950s, is a repeatedgame with probabilistic transitions...
represent the goat doors. The simulation can be repeated several times to simulate multiple rounds of the game. The player picks one of the three cards, then...
a stage-game in a finitely repeatedgame has multiple Nash equilibria, subgame perfect equilibria can be constructed to play non-stage-game Nash equilibrium...
Game of Thrones is an American fantasy drama television series created by David Benioff and D. B. Weiss for HBO. It is an adaptation of A Song of Ice and...
GamesRadar noted that "The cake is a lie" became one of the most repeated video game quotes by the year 2009. Stephen Totillo, who was an editor at MTV...
the game of chess; that is, one by which one of the players (White or Black) can always force a victory, or either can force a draw (see solved game). It...
Video game addiction (VGA), also known as gaming disorder or internet gaming disorder, is generally defined as a psychological addiction that is problematic...
contributions to game theory in the 1980s and 1990s on topics including the game-theoretic analysis of reputation formation, repeated games, supermodular...
equilibrium of this model. Therefore, moving from a simultaneous move game to a repeatedgame with infinite horizon, then collusion is possible because of the...
Football Championship Game was a college football game played on January 7, 2024, at Toyota Stadium in Frisco, Texas. The game determined the national...
The Adventure Game was a game show originally broadcast on UK television channels BBC1 and BBC2 between 24 May 1980 and 18 February 1986. The story in...
scientifically studied in order to be understood, and eventually conquered; Repeatedgame study de-emphasizes the "now" for the sake of the "later"; Simplistic...
avatar The player's representation in the game world. . B2P Buy-to-play, see games as a product. B-hopping Repeated use of the jump button while moving, which...
stage game is an n-player game where players choose from a finite set of actions, and there is a payoff profile for their choices. A repeatedgame is playing...
firms care enough about the future, collusion is an equilibrium of this repeatedgame. To be more precise, suppose that firms have a discount factor δ {\displaystyle...
compulsion loop or core loop is a habitual chain of activities that will be repeated by the user to cause them to continue the activity. Typically, this loop...
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