A repeated game plays a stage game over several rounds, allowing actions to depend on earlier observations. Its payoff convention must specify a finite horizon, a discount factor or a long-time average; these need not have identical invasion properties.
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A repeated game is a standard concept in game theory where a specific game (usually a stage game) is played multiple times by the same players. This can involve either a fixed number of repetitions (finite repeated game) or an indefinite number of repetitions (infinite repeated game). ### Key Characteristics of Repeated Games: 1. **Stage Game**: The repeated game is based on a single, well-defined game, often involving decisions that players must make simultaneously.