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Belief-Free Equilibria in Repeated Games

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  • Jeffrey C. Ely
  • Johannes Hörner
  • Wojciech Olszewski

Abstract

We introduce a class of strategies that generalizes examples constructed in two-player games under imperfect private monitoring. A sequential equilibrium is belief-free if, after every private history, each player's continuation strategy is optimal independently of his belief about his opponents' private histories. We provide a simple and sharp characterization of equilibrium payoffs using those strategies. While such strategies support a large set of payoffs, they are not rich enough to generate a folk theorem in most games besides the prisoner's dilemma, even when noise vanishes. Copyright The Econometric Society 2005.

Suggested Citation

  • Jeffrey C. Ely & Johannes Hörner & Wojciech Olszewski, 2005. "Belief-Free Equilibria in Repeated Games," Econometrica, Econometric Society, vol. 73(2), pages 377-415, March.
    • Handle: RePEc:ecm:emetrp:v:73:y:2005:i:2:p:377-415
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