in these models. We propose a way to take these pay-offs into account, and find that cooperation as equilibrium of the … parameter space, all cooperation equilibria are strictly risk dominated in the sense of Harsanyi and Selten (1988). We derive an … others defect, and argue it is a better measure for the ‘likelihood’ of cooperation than the critical level at which …

before opponents react. Under imperfect monitoring, however, flexibility may also hinder collusion by inducing punishment …

international environmental cooperation facilitates economic exchange. …

We model cooperation between an employer and a workers' union as an equilibrium in an infinitely repeated game with … variable, it also extends the theory to account for worker resistance phenomena, taking the form of low effort on the part of …

’ punishment; and (c) increasing the riskiness of taking part to a cartel. …

This paper develops a theory of regular Markov perfect equilibria in dynamic stochastic games. We show that almost all …