We've already touched briefly on repeated games. In our discussion of dominant strategies, and especially dilemmas we noted that our predictions based on one time play could change if the game is repeated. We used the idea of repeated games to help our understanding of Nash equilibria.
Now we want to study repeated games in some detail. While it is quite reasonable to suppose that a game like the Prisoners' Dilemma is played only once, it makes perfect sense to think of the Oligopolists' Dilemma as a repeated game since firms can and do change prices frequently.
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