Repeated Games, Entry in The New Palgrave Dictionary of Economics, 2nd Edition
AbstractThis entry shows why self-interested agents manage to cooperate in a long-term relationship. When agents interact only once, they often have an incentive to deviate from cooperation. In a repeated interaction, however, any mutually beneficial outcome can be sustained in an equilibrium. This fact, known as the folk theorem, is explained under various information structures. This entry also compares repeated games with other means to achieve efficiency and briefly discuss the scope for potential applications.
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"The Folk Theorem With Inperfect Public Information,"
523, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Jeffrey Ely, 2000. "A Robust Folk Theorem for the Prisoners' Dilemma," Econometric Society World Congress 2000 Contributed Papers 0210, Econometric Society.
- Jeffrey C. Ely & Juuso Valimaki, 1999. "A Robust Folk Theorem for the Prisoner's Dilemma," Discussion Papers 1264, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Fudenberg, Drew & Maskin, Eric, 1986. "The Folk Theorem in Repeated Games with Discounting or with Incomplete Information," Econometrica, Econometric Society, vol. 54(3), pages 533-54, May.
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