The folk theorem for games with private almost-perfect monitoring

J. HÖRNER, W. Olszewski


novembre 2006, vol. 74, n°6, pp.1499-1544

Départements : Finance

We prove the folk theorem for discounted repeated games under private, almost-perfect monitoring. Our result covers all finite, n-player games that satisfy the usual full-dimensionality condition. Mixed strategies are allowed in determining the individually rational payoffs. We assume no cheap-talk communication between players and no public randomization deviceAuthor Keywords Folk theorem; Private monitoring; Repeated games