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The Folk Theorem In Repeated Games With Discounting Or With Incomplete Information

In: A Long-Run Collaboration On Long-Run Games

Author

Listed:
  • DREW FUDENBERG

    (University of California, Berkeley, USA)

  • ERIC MASKIN

    (Harvard University, USA)

Abstract

AbstractWhen either there are only two players or a “full dimensionality” condition holds, any individually rational payoff vector of a one-shot game of complete information can arise in a perfect equilibrium of the infinitely-repeated game if players are sufficiently patient. In contrast to earlier work, mixed strategies are allowed in determining the individually rational payoffs (even when only realized actions are observable). Any individually rational payoffs of a one-shot game can be approximated by sequential equilibrium payoffs of a long but finite game of incomplete information, where players' payoffs are almost certainly as in the one-shot game.

Suggested Citation

  • Drew Fudenberg & Eric Maskin, 2008. "The Folk Theorem In Repeated Games With Discounting Or With Incomplete Information," World Scientific Book Chapters,in: A Long-Run Collaboration On Long-Run Games, chapter 11, pages 209-230 World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789812818478_0011
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    Keywords

    Long-Run Players; Limit Games; Robustness; Equilibrium; Reputation Effects; Repeated Games;

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General

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