Marginal Reputation
边际声誉
We study reputation formation where a long‐run player repeatedly observes private signals and takes actions. Short‐run players observe the long‐run player's past actions but not her past signals. The long‐run player can thus develop a reputation for playing a distribution over actions, but not necessarily for playing a particular mapping from signals to actions. Nonetheless, we show that the long‐run player can secure her Stackelberg payoff if distinct commitment types are…