Undiscounted equilibrium payoffs of repeated games with a continuum of players

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.