The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: May, 1998, Volume 66, Issue 3
https://doi.org/0012-9682(199805)66:3<597:CIRGWI>2.0.CO;2-1
p. 597-626
Olivier Compte
This paper examines repeated games in which each player observes a private and imperfect signal on the actions played, and in which players are allowed to communicate using public messages. Providing incentives for players to reveal their observations generates (revelation) constraints that, combined with signal imperfections, may be a source of inefficiencies. However, by delaying the revelation of their observations, players may economize on the cost of deterring deviations, and thereby avoid these inefficiencies. Because a player would not want to trigger a sanction that would penalize him too, revelation constraints also tend to make sanctions difficult to enforce. However, with at least three players, detecting deviations may not require that all the players reveal their observations. In that case, we obtain a Nash threat version of the Folk theorem. With two players, we do not obtain a similar result. Nevertheless, we show that an efficient outcome can (almost) always be approximated.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
