Itinerants, Iterations and Something In-between

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Abstract
To make the theory of games plausible as a representation of behaviour – be it economic or political or social – we must introduce some of the sense of structure and continuity that characterizes our actual lives. Real people do not pair up, play a single game and depart, never to meet again. On the contrary, much of life is made up of continuing interactions with the same small cast of characters. And that, in turn, makes some dramatic differences in the way games are played. Making an unsecured loan to an itinerant is obviously out of the question. But if it is someone who has to deal with you over and over again in a variety of contexts, then the future itself can be your hostage.

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