Abstract
We give a characterization of equilibrium payoffs of a repeated game in which players use the long-run average of the one-shot-game payoffs as the overall payoff of the repeated game and individual actions are not discernible by others. In contrast to the 'Anti-Folk Theorem' equilibria may exist even though the one-shot game has no equilibrium. © 1993.
Original language | English |
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Pages (from-to) | 243-264 |
Journal | Journal of Mathematical Economics |
Volume | 22 |
DOIs | |
Publication status | Published - 1 Jan 1993 |