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The Nash-threats folk theorem with communication and approximate common knowledge in two player games

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

Author

Listed:
  • Drew Fudenberg

    (Department of Economics, Harvard University, Cambridge, MA 02138, USA)

  • David K. Levine

    (Department of Economics, University of California, Los Angeles, CA 90095, USA)

Abstract

We show that the use of communications to coordinate equilibria generates a Nash-threats folk theorem in two-player games with “almost public” information. The results generalize to the n-person case. However. the two-person case is more difficult because it is not possible to sustain equilibria by comparing the reports of different players. and using these “third parties” to effectively enforce contracts.

Suggested Citation

  • Drew Fudenberg & David K. Levine, 2008. "The Nash-threats folk theorem with communication and approximate common knowledge in two player games," World Scientific Book Chapters, in: Drew Fudenberg & David K Levine (ed.), A Long-Run Collaboration On Long-Run Games, chapter 15, pages 331-343, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812818478_0015
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    JEL classification:

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

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