Econometrica: Sep 2011, Volume 79, Issue 5
Simple Bounds on the Value of a Reputation
Olivier GossnerWe introduce entropy techniques to study the classical reputation model in which a long‐run player faces a series of short‐run players. The long‐run player's actions are possibly imperfectly observed. We derive explicit lower and upper bounds on the equilibrium payoffs to the long‐run player.
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