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There are many strategic situations at which a game theoretical framework should be used to analyze the equilibrium decisions at which the incomplete information annoy the process of deriving the certain rules for making decisions. In these cases, players use signals of each other's to get proper decisions. For example, in economic environment, some macro-economic latent variables induce incomplete information. Morris and Shin (2000) referred this type of game as global game and studied one-shot type of it. However, in practical situations, it is a type of repeated game. In the current paper, following notations of Morris and Shin (2000), repeated games in the presence of incomplete information are studied. Using stochastic approximation technique for M-estimation of latent variable, the learning phenomenon is observed. Financial applications of proposed problem is presented. Finally conclusions are given.

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