Econometrica: Nov 2006, Volume 74, Issue 6

The Folk Theorem for Games with Private Almost‐Perfect Monitoring
p. 1499-1544

Johannes Hörner, Wojciech Olszewski

We prove the folk theorem for discounted repeated games under private, almost‐perfect monitoring. Our result covers all finite, ‐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 device.

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