When players interact by playing a similar stage game (such as the prisoner's dilemma) numerous times, the game is called an iterated (or repeated) game. Unlike a game played once, a repeated game allows for a strategy to be contingent on past moves, thus allowing for reputation effects and retribution.

What is a repeated games in game theory?

In game theory, a repeated game is an extensive form game that consists of a number of repetitions of some base game (called a stage game). The stage game is usually one of the well-studied 2-person games. ... Single stage game or single shot game are names for non-repeated games.

What is Prisoner's dilemma example?

The prisoner's dilemma can be used to aid decision-making in a number of areas in one's personal life, such as buying a car, salary negotiations and so on. For example, assume you are in the market for a new car and you walk into a car dealership.