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The Folk Theorem with Imperfect Public Information

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Author Info
Fudenberg, Drew
Levine, David I
Maskin, Eric

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Abstract

The authors study repeated games in which players observe a public outcome that imperfectly signals the actions played. They provide conditions guaranteeing that any feasible, individually rational payoff vector of the stage game can arise as a perfect equilibrium of the repeated game with sufficiently little discounting. The central condition requires that there exist action profiles with the property that, for any two players, no two deviations--one by either player--give rise to the same probability distribution over public outcomes. The results apply to principal-agent, partnership, oligopoly, and mechanism-design models, and to one-shot games with transferable utilities. Copyright 1994 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 62 (1994)
Issue (Month): 5 (September)
Pages: 997-1039
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Handle: RePEc:ecm:emetrp:v:62:y:1994:i:5:p:997-1039

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