Abstract
We show that even when the information structure is independent of the state of nature, the value of then-stage zero-sum game with incomplete information is not necessarily monotonie with respect to the length of the game. More precisely, we give an example of such ann-stage game in whichV 1 >V 2 <V 3.
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References
Sorin S (1980) An introduction to two-person zero-sum repeated games with incomplete information. Technical report no 312 IMSS — Economics, Stanford University, Stanford, CA
Lehrer E (1987) A note on the monotonicity ofV n .Economics Letters 23: 341–342
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I am very grateful to Ehud Lehrer who introduced this question to me.
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Yariv, L. A note on repeated games with non-monotonie value. Int J Game Theory 26, 229–234 (1997). https://doi.org/10.1007/BF01295852
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DOI: https://doi.org/10.1007/BF01295852