Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
956994 | Journal of Economic Theory | 2009 | 23 Pages |
Abstract
The present paper studies repeated games with private monitoring, and characterizes the set of belief-free equilibrium payoffs in the limit as the discount factor approaches one and the noise on private information vanishes. Contrary to the conjecture by Ely et al. [J.C. Ely, J. Hörner, W. Olszewski, Belief-free equilibria in repeated games, Econometrica 73 (2005) 377–415], the equilibrium payoff set is computed by the same formula, no matter how many players there are. As an application of this result, a version of the folk theorem is established for N-player prisoner's dilemma games.
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Authors
Yuichi Yamamoto,