Abstract
This paper tries to propose a framework for analyzing firm’s information disclosure strategy using a game with information exchange First, we extend traditional games in strategic form, and propose a new form of games with information exchange. Second, we discuss repeated games based on the extended form. Finally, three typical strategies on the propose repeated games of the prisoner’s dilemma will be presented and analyzed through computer simulation. The simulation will show the superiority of a strategy which faithfully discloses information.
