Perfect Communication Equilibria in Repeated Games with Imperfect Monitoring
This paper introduces an equilibrium concept called perfect communication equilibrium for repeated games with imperfect private monitoring. This concept is a refinement of Myerson's [Myerson, R.B., 1982. Optimal coordination mechanisms in generalized principal agent problems, J. Math. Econ. 10, 67–81] communication equilibrium. A communication equilibrium is perfect if it induces a communication equilibrium of the continuation game, after every history of messages of the mediator. We provide a characterization of the set of corresponding equilibrium payoffs and derive a Folk Theorem for discounted repeated games with imperfect private monitoring.
|Date of creation:||2009|
|Date of revision:|
|Publication status:||Published in Games and Economic Behavior, 2009, Vol. 67, no. 2. pp. 682-694.Length: 12 pages|
|Contact details of provider:|| Web page: http://www.dauphine.fr/en/welcome.html|
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