Decision Sciences
4 years ago

Mastering the Game: How Imperfect Strategies Impact Long-Term Success

WORLD SCIENTIFIC eBooks
Maintaining a Reputation when Strategies are Imperfectly Observed
Drew Fudenberg, David K. Levine

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The article explores how a player can maintain a good reputation in games where their strategies are not always seen by opponents. The researchers found that if the player's strategies can be figured out from the outcomes, their payoff will be between certain limits. As the discount factor gets closer to 1, these limits converge to the best payoff the player could get by committing to a strategy.