The theory of repeated games is able to account for phenomena such as altruism, cooperation, trust, loyalty, revenge, threats (self-destructive or ot… - Robert Aumann

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The theory of repeated games is able to account for phenomena such as altruism, cooperation, trust, loyalty, revenge, threats (self-destructive or otherwise) – phenomena that may at first seem irrational – in terms of the “selfish” utility-maximizing paradigm of game theory and neoclassical economics.

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About Robert Aumann

Robert Aumann (born 1930, in Frankfurt,Germany) is an Israeli mathematician, Professor Emeritus at the Hebrew University of Jerusalem, who won the 2005 Nobel Memorial Prize in Economic Sciences.

Also Known As

Native Name: ישראל אומן
Alternative Names: R. Aumann Robert John Aumann Robert J Aumann Yisrael Aumann R.J. Aumann
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Additional quotes by Robert Aumann

The players in a game are said to be in strategic equilibrium (or simply equilibrium) when their play is mutually optimal: when the actions and plans of each player are rational in the given strategic environment – i.e., when each knows the actions and plans of the others.

Repetition acts as an enforcement mechanism: It makes cooperation achievable when it is not achievable in the one-shot game, even when one replaces strategic equilibrium as the criterion for achievability by the more stringent requirement of perfect equilibrium.

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