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Repeated Games definitions

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  • Repeated Game
    Situation where participants face the same strategic interaction multiple times, allowing for evolving strategies and outcomes.
  • One Time Game
    Scenario where players interact only once, making decisions without considering future consequences or retaliation.
  • Interdependence
    Condition where each participant's choices affect and are affected by the decisions of others, especially over multiple rounds.
  • Collusion
    Cooperative behavior among participants to achieve mutually beneficial outcomes, often more feasible in ongoing interactions.
  • Tit for Tat
    Strategy involving mirroring the opponent's previous action, fostering cooperation or retaliation based on past behavior.
  • Trigger Strategy
    Approach where cooperation persists until a single act of cheating, after which perpetual retaliation occurs.
  • Retaliation
    Response mechanism in repeated interactions, where negative actions are met with similar negative actions in subsequent rounds.
  • Collaborative Agreement
    Mutual understanding between participants to consistently cooperate, maximizing collective benefits over time.
  • Cheating
    Action where a participant deviates from cooperative behavior to gain individual advantage, often prompting negative responses.
  • Cooperation
    Behavior where participants work together for shared benefit, typically leading to higher collective earnings in repeated settings.
  • Strategy
    Planned approach to decision-making in games, shaped by expectations of others' actions and the possibility of future interactions.
  • Earnings
    Rewards or payoffs received by participants, influenced by their choices and the degree of collaboration in repeated games.
  • Output Decision
    Choice regarding the amount of goods or services produced, often influenced by ongoing strategic considerations.
  • Mutual Benefit
    Outcome where all participants gain more through cooperation than through individualistic or competitive actions.
  • Long-Term Decision
    Choice made with consideration for future interactions and consequences, often leading to sustained cooperation.