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Repeated Games and ReputationsLong-Run Relationships$
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George J. Mailath and Larry Samuelson

Print publication date: 2006

Print ISBN-13: 9780195300796

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780195300796.001.0001

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 The Folk Theorem with Perfect Monitoring

 The Folk Theorem with Perfect Monitoring

Chapter:
(p.69) 3 The Folk Theorem with Perfect Monitoring
Source:
Repeated Games and Reputations
Author(s):

George J. Mailath (Contributor Webpage)

Larry Samuelson (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195300796.003.0003

This chapter presents and proves the folk theorem for games of perfect monitoring. The chapter first proves the folk theorem for two players with public correlation and pure-action individual rationality. This is then generalized to arbitrary numbers of players, via both a dimensionality assumption on feasible payoffs and the idea of non-equivalent utilities, then to games without public correlation and finally to mixed-action individually rational payoffs.

Keywords:   folk theorem, individually rational payoffs, minmax payoffs, nonequivalent utilities, perfect monitoring, public correlation

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