Using or hiding private information? An experimental study of zero-sum repeated games with incomplete information

► We present an experimental study of the value of private information in zero-sum repeated games with incomplete information. ► The empirical value of information coincides with the theoretical prediction in most instances. ► The empirical value decreases with the number of repetitions and is bounded below by the value of the infinitely repeated game. ► Subjects are unable to completely ignore their information.